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.



Secretary of State

 Portrait

Rachel Reeves
Chancellor of the Exchequer

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)
There are no upcoming events identified
Debates
Thursday 5th September 2024
Select Committee Docs
Wednesday 29th May 2024
23:50
Formal minutes 2023-24
Formal Minutes
Select Committee Inquiry
Tuesday 31st January 2023
Quantitative tightening

This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …

Written Answers
Monday 9th September 2024
First Time Buyers
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential (a) merits of extending …
Secondary Legislation
Thursday 5th September 2024
Income Tax (Exemption of Social Security Benefits) (No. 2) Regulations 2024
These Regulations make an amendment to Chapter 5 of Part 10 of the Income Tax (Earnings and Pensions) Act 2003 …
Bills
Thursday 25th July 2024
Crown Estate Bill [HL] 2024-26
A Bill to amend the Crown Estate Act 1961.
Dept. Publications
Thursday 5th September 2024
16:49

Policy and Engagement

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.

Most Recent Commons Appearances by Category
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Bills currently before Parliament

HM Treasury does not have Bills currently before Parliament


Acts of Parliament created in the 2024 Parliament

Introduced: 24th July 2024

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

These Regulations make an amendment to Chapter 5 of Part 10 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (“ITEPA”), so as to provide that no liability to income tax arises on social security benefits of a description specified in the Regulations.
These Regulations provide for exemptions from income tax and capital gains tax and a relief from inheritance tax for Infected Blood Compensation Scheme payments. The Infected Blood Compensation Scheme was created by regulation 3(1) of the Infected Blood Compensation Scheme Regulations 2024. The Infected Blood Compensation Authority is the body corporate established by section 48 of the Victims and Prisoners Act 2024 that administers the Infected Blood Compensation Scheme and makes payments to eligible people.
View All 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).

Trending Petitions
Petitions with most signatures
HM Treasury has not participated in any petition debates
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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: Previous Inquiries
The Financial Conduct Authority’s Regulation of London Capital & Finance plc Budget 2021 Work of National Savings and Investments Lessons from Greensill Capital Appointment of Carolyn Wilkins to the Financial Policy Committee Appointment of Tanya Castell to the Prudential Regulatory Committee The work of the Prudential Regulation Authority Reappointment of Jill May and Julia Black to the Prudential Regulation Committee Committee on COP26: climate change and finance Spring Budget 2020 Appointment of Sarah Breeden to the Financial Policy Committee Appointment of Catherine Mann to the Monetary Policy Committee Reappointment of Jonathan Haskel to the Monetary Policy Committee Bank of England July Financial Stability Report and August Monetary Policy Report Economic Crime Regional Imbalances in the UK economy The Work of the Debt Management Office Appointment of Richard Hughes as Chair of the Office for Budget Responsibility Reappointment of Professor Silvana Tenreyro to the Monetary Policy Committee Reappointment of Andy Haldane to the Monetary Policy Committee Appointment of Jonathan Hall to the Financial Policy Committee Appointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority Maxwellisation inquiry The work of National Savings and Investments inquiry Retail Banking Market Review inquiry HMRC Executive Chair and Chief Executive Financial stability one-off hearing Appointment of the CEO of Financial Conduct Authority Bank of England Financial Stability Report Hearings 2016-17 UK's future economic relationship with the EU inquiry Appointment of Deputy Governor for Prudential Regulation EU Insurance Regulation inquiry HM Treasury: Report and Accounts 2015 – 2016 Appointment of Michael Saunders to the Monetary Policy Committee Appointment of Anil Kashyap to the Financial Policy Committee Tax credits, fraud and error inquiry The work of the Chancellor of the Exchequer inquiry Bank of England Inflation Report Hearing August 2016 Prudential Regulation Authority inquiry Sir Charles Bean appointment to Budget Responsibility Committee UK tax policy and the tax base inquiry Government Internal Audit Agency inquiry HM Treasury Annual Report and Accounts 2014-15 inquiry Valuation Office Agency inquiry Independent review of report into failure of HBOS inquiry Review of the Office for National Statistics inquiry Appointment of Angela Knight as Chair of the Office for Tax Simplification Appointment of Tim Parkes as Chair of Regulatory Decisions Committee Budget 2016 inquiry Financial Policy Committee re-appointment hearings Bank of England Inflation Report Hearing May 2016 Work of the Court of the Bank of England inquiry Bank of England Inflation Report Hearing February 2017 Appointment of the Deputy Governor for Markets and Banking Budget 2017 inquiry Restoration and Renewal of the Palace of Westminster inquiry Capital inquiry Work of the Payment Systems Regulator inquiry Effectiveness and impact of post-2008 UK monetary policy Access to basic retail financial services inquiry Financial Conduct Authority inquiry Bank of England Inflation Report Hearing November 2016 UK Financial Investments annual reports and accounts 2015-16 Housing Policy inquiry Autumn Statement 2016 Household finances: income, saving and debt inquiry Bank of England Inflation Reports inquiry Budget Autumn 2017 inquiry Student Loans inquiry The UK's economic relationship with the European Union inquiry The work of the Bank of England inquiry The work of the Financial Conduct Authority The work of the National Infrastructure Commission inquiry Women in finance inquiry Appointment of Professor Silvana Tenreyro to the Monetary Policy Committee Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England The work of the Chancellor of the Exchequer EU Insurance Regulation inquiry HMRC Annual Report and Accounts inquiry Re-appointment of Professor Anil Kashyap to the Financial Policy Committee inquiry Re-appointment of Ben Broadbent as Deputy Governor for Monetary Policy, Bank of England inquiry The effectiveness of gender pay gap reporting inquiry Decarbonisation of the UK Economy and Green Finance inquiry Regional Imbalances in the UK Economy inquiry Work of the Financial Services Compensation Scheme inquiry Spending Round 2019 inquiry Access to Cash Review inquiry Appointment of Kathryn Cearns as Chair of the Office of Tax Simplification inquiry The future of the UK’s financial services inquiry The impact of Business Rates on business inquiry Spring Statement 2019 inquiry The work of the Adjudicator’s Office inquiry The work of the Debt Management Office inquiry Independent Review of the Co-Operative Bank inquiry Work of the Court of the Bank of England inquiry Tax enquiries and resolution of tax disputes inquiry IT failures in the financial services sector inquiry Work of the Banking Standards Board inquiry Independent Review of the Financial Ombudsman Service Appointment of Bradley Fried as Chair of Court, Bank of England Appointment of Professor Jonathan Haskel to the Monetary Policy Committee Andy King, Nominated Member of the Budget Responsibility Committee Re-appointment of Dr Gertjan Vlieghe to the Monetary Policy Committee Maxwellisation inquiry Work of the Valuation Office Agency inquiry Appointment of Julia Black as external member of the Prudential Regulation Committee Appointment of Jill May as an external member of the Prudential Regulation Committee Consumers’ Access to Financial Services inquiry The re-appointment of Sir Jon Cunliffe as Deputy Governor for Financial Stability at the Bank of England inquiry Budget 2018 inquiry The Work of the Treasury inquiry Service Disruption at TSB inquiry Economic Crime inquiry Re-appointment of Alex Brazier to the Financial Policy Committee Re-appointment of Donald Kohn to the Financial Policy Committee Re-appointment of Martin Taylor to the Financial Policy Committee VAT inquiry Spring Statement 2018 Digital Currencies inquiry Appointment of Charles Randell as Chair of the Financial Conduct Authority SME Finance inquiry Appointment of Elisabeth Stheeman to the Bank of England Financial Policy Committee The work of the Prudential Regulation Authority inquiry Bank of England Financial Stability Reports RBS's Global Restructuring Group and its treatment of SMEs inquiry Childcare inquiry The work of the Payment Systems Regulator inquiry HM Treasury Annual Report and Accounts inquiry Women in the City Crown Estate Cheques, the end of? Mortgage Arrears and Access to Mortgage Finance: Follow up Financial Institutions - Too Important To Fail? Budget 2010 Credit Searches European Macro and Micro Prudential Financial Regulation Presbyterian Mutual Society Pre-Budget Report 2009 Budget 2009 Pre-Budget Report 2008 Budget 2008 Pre-Budget Report 2007 Mortgage Arrears and Access to Mortgage Finance Evaluating the Efficiency Programme Administration and expenditure of the Chancellor’s Departments, 2008-09 Banking Crisis Banking Crisis: International Dimensions Banking Reform Run on the Rock Budget June 2010 Competition and choice in the banking sector Office for Budget Responsibility Financial Regulation Spending Review 2010 Administration and effectiveness of HMRC The principles of tax policy Retail Distribution Review European financial regulation Autumn forecast 2010 Accountability of the Bank of England Private Finance Initiative Budget 2011 Future of Cheques Independent Commission on Banking: Interim Report Closing the tax gap: HMRC's record at ensuring tax compliance Budget Measures and Low-income Households Financial Conduct Authority Inherited Estates Counting the population Administration and expenditure of the Chancellor's Departments, 2006-07 Comprehensive Spending Review 2007 Administration and expenditure of the Chancellor's Departments, 2007-08 Independent Commission on Banking: Final Report Global Imbalances Autumn Statement 2011 Budget 2012 Corporate governance and remuneration Money Advice Service LIBOR FSA's report into HBOS Spending Round 2013 Project Verde Macroprudential tools Disposal of Government Stakes in RBS and Lloyds Credit Rating Agencies Autumn Statement 2012 Appointment of Dr Mark Carney as Governor of the Bank of England Budget 2013 Quantitative easing Private Finance 2 Autumn Statement 2013 Bank of England Financial Stability Report hearings: Session 2014-15 Appointment hearings, Session 2013-14 Bank of England Inflation Report Hearings: Session 2013-14 EU Financial Regulation Monetary Policy: Forward Guidance UK Financial Investments Ltd 2013 The economics of HS2 SME Lending Financial Conduct Authority hearings The costing of pre-election policy proposals Performance of the Royal Mint Budget 2014 The economics of currency unions OBR: July 2013 Fiscal Sustainability Report Banks' Lending Practices: Treatment of Businesses in Distress RBS Independent Lending Review Prudential Regulation Authority Hearings: Session 2014-15 HM Treasury Annual Report and Accounts 2013-14 Treatment of Financial Services Consumers Bank of England Inflation Report Hearings: Session 2014-15 HMRC Business Plan 2014-16 Manipulation of Benchmarks Appointment hearings, Session 2014-15 Co-op Governance Review Cost effectiveness of economic and financial sanctions Bank of England Financial Stability Report Hearings 2015-16 Bank of England Inflation Report Hearings 2015-16 Summer Budget 2015 inquiry UK Financial Investments Ltd Annual Report and Accounts 14-15 Review of scope and performance of Office for Budget Responsibility Bank of England Bill inquiry Chair of Office for Budget Responsibility reappointment hearing HMRC Annual Report and Accounts 2014-15 inquiry Prudential Regulation Authority inquiry Comprehensive Spending Review and Autumn Statement 2015 inquiry Review of CMA work on Retail Banking Market one-off session Financial Conduct Authority Practitioner Panels one-off session Appointment of Gertjan Vlieghe to the Monetary Policy Committee hearing Reappointment of Ian McCafferty to the Monetary Policy Committee hearing Financial Conduct Authority Economic and financial costs and benefits of UK's EU membership Crown Estate Annual Report and Accounts 2013/14 Bank of England Foreign Exchange Market Investigation HM Revenue and Customs and HSBC Budget 2015 The UK's EU Budget Contributions Press briefing of information in the Financial Conduct Authority’s 2014/15 Business Plan Fair and Effective Markets Review The Payment Systems Regulator Implementing the recommendations on the Parliamentary Commission on Banking Standards Autumn Statement 2014 Work of the Tax Assurance Commissioner UK Financial Investments Ltd Proposals for further Fiscal and Economic Devolution to Scotland Debt Management Office Annual Report and Accounts 2013-14 UK Customs Policy Infrastructure The cost of living The venture capital market The crypto-asset industry Tax Reliefs September 2022 Fiscal Event The Financial Services and Markets Bill The mortgage market The Edinburgh Reforms Quantitative tightening Retail Banks Appointment of Andrew Bailey as Governor of the Bank of England Work of Government Actuary’s Department Work of the Financial Ombudsman Service Work of HM Treasury Future of Financial Services Spending Review 2020 HMRC Annual Report and Accounts Bank of England Financial Stability Reports The appointment of John Taylor to the Prudential Regulation Committee UK’s economic and trading relationship with the EU The appointment of Antony Jenkins to the Prudential Regulation Committee Access to Cash Review Bank of England Financial Stability Reports Bank of England Inflation Reports Consumers’ Access to Financial Services Decarbonisation of the UK Economy and Green Finance Economic Crime The effectiveness of gender pay gap reporting HMRC Annual Report and Accounts inquiry Tax enquiries and resolution of tax disputes IT failures in the financial services sector Appointment of Dame Colette Bowe to the Financial Policy Committee Re-appointment of Professor Anil Kashyap to the Financial Policy Committee Work of the Financial Services Compensation Scheme Spending Round 2019 The impact of Business Rates on business Work of the Court of the Bank of England Independent Review of the Co-Operative Bank Regional Imbalances in the UK Economy Re-appointment of Michael Saunders to the Monetary Policy Committee Re-appointment of Ben Broadbent as Deputy Governor for Monetary Policy, Bank of England Maxwellisation RBS's Global Restructuring Group and its treatment of SMEs SME Finance Spring Statement 2019 The future of the UK’s financial services HM Treasury Annual Report and Accounts Service Disruption at TSB The UK's economic relationship with the European Union VAT The work of the Bank of England The work of the Chancellor of the Exchequer The work of the Financial Conduct Authority The Work of the Treasury The work of the Prudential Regulation Authority

50 most recent Written Questions

(View all written questions)
Written Questions can be tabled by MPs and Lords to request specific information information on the work, policy and activities of a Government Department

30th Aug 2024
To ask the Chancellor of the Exchequer, what the cost to her Department was of ministerial severance payments in each year from 19 December 2019 to 30 May 2024; which Ministers received a severance payment in that period; and how much each Minister received.

Any severance payments made to former Ministers of HM Treasury are recorded in the Departmental Annual Report and Accounts.

James Murray
Exchequer Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, if she will take steps to support farm owners to (a) diversify their businesses and (b) improve their financial security by providing accommodation for furnished holiday lettings on their farms.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential (a) merits of extending First Time Buyers’ Relief after March 2025 and (b) impact of not extending First Time Buyers’ Relief after March 2025 on first time buyers.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, what steps she is taking to help ensure that high street banks and building societies are incentivised to provide bank hubs.

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.

Tulip Siddiq
Economic Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of introducing a national framework inclusion strategy on accessible and inclusive banking.

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.

Tulip Siddiq
Economic Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, if she will take steps with Cabinet colleagues to require the Bank of England to (a) take account of climate change in its mandates and (b) publish a timetable for doing this.

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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Tulip Siddiq
Economic Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, how much tax was taken on the interest accrued on Russian assets frozen in UK banks in each of the last five years.

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.

Tulip Siddiq
Economic Secretary (HM Treasury)
2nd Sep 2024
To ask the Chancellor of the Exchequer, whether her Department has plans to work with the regulatory technology sector to improve sanctions screening in financial services.

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.

Tulip Siddiq
Economic Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential implications for her policies of differences in inheritance tax thresholds for people (a) with and (b) without children; and if she will make an assessment of the potential impact of such thresholds on saving for adult care costs.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, if her Department will make an assessment of the potential (a) merits of introducing (i) an increased personal tax allowance, (ii) a tax code adjustment and (ii) other tax incentives for charity volunteers and (b) impact of such incentives on the (A) recruitment and (B) retention of such volunteers (1) in rural areas and (2) nationally.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, if her Department will make an (a) estimate of the potential costs and (b) assessment of the potential merits of extending inheritance tax relief to long-term cohabiting and co-dependent siblings.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, what estimate she has made of the average annual cost to independent schools of proposed changes in business rates.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Jul 2024
To ask the Chancellor of the Exchequer, on what day and time her Department's publication entitled Fixing the Foundations: Public spending audit 2024-25, CP 1133 was approved.

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.

Darren Jones
Chief Secretary to the Treasury
29th Jul 2024
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of increasing the rate of child benefit by £20 per week for each child.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, with reference to paragraph 25 of her Department's document entitled Fixing the Foundations: Public spending audit 2024-25, CP 1133, what the evidential basis is for saying there was an additional £1.6 billion cost to the rail system in the 2024-25 financial year.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, what (a) statutory and (b) non-statutory direct ministerial appointments excluding special advisers she has made; and (i) who the appointee was and (ii) what the (A) remuneration, (B) title and (C) terms of reference was for each appointment.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Jul 2024
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of (a) the junior doctors pay settlement and (b) other public sector pay rises on (i) the forecast rate of inflation and (ii) wage expectations in other sectors.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, with reference to page 11 of her Department's document entitled Fixing the Foundations: Public spending audit 2024-25, CP 1133, how her Department evaluated which transport commitments were considered low value.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, with reference to page 15 of HM Treasury's document entitled Fixing the foundations: Public spending audit 2024-25, published on 29 July 2024, for how long the Office for Value for Money will exist; and what its remit will be.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, with reference to page 6 of HM Treasury's document entitled Fixing the foundations: Public spending audit 2024-25, published on 29 July 2024, whether it is his policy that average public sector pay excluding pension provision should equal private sector pay.

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.

Darren Jones
Chief Secretary to the Treasury
29th Jul 2024
To ask the Chancellor of the Exchequer, if she will have discussions with Cabinet colleagues on the potential merits of increasing Barnett consequentials for dental services in Northern Ireland.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, on what day and at what time the final draft for publication of her Department's document entitled Fixing the Foundations: Public spending audit 2024-25, CP 1133, was sent to HH Associates Ltd for printing.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of Exchequer, if she will make an estimate of the impact of removing the entitlement to the Winter Fuel Allowance from people over State Pension age who pay tax at (a) the higher rate of 40% and (b) the additional rate of 45% on the public purse in the next financial year.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, on (a) what dates and (b) at what times she met with (i) the Prime Minister and (ii) his advisers to discuss drafts of her Department's document entitled Fixing the foundations: Public spending audit 2024-25, published on 29 July 2024.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, on what day and time (a) she and (b) her advisers received the first draft of her Department's publication entitled Fixing the Foundations: Public spending audit 2024-25, CP 1133.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, with reference to Table 1 of her Department's document entitled Fixing the Foundations: Public spending audit 2024-25, CP 1133, what the evidential basis is for saying there was an additional £1.3 billion cost for rail maintenance in the 2024-25 financial year.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, what is the projected cost to the public purse of setting up the Office for Value for Money.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, how many days a week staff in the Office for Value for Money will be allowed to work from home; and how many staff that Office will employ.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, with reference to page 6 of HM Treasury's document entitled Fixing the foundations: Public spending audit 2024-25, published on 29 July 2024, what is the gross cost of the civil service pay award for 2024-25.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, what discussions she has had with private schools on the Government's proposed policy to implement VAT on private school fees.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Jul 2024
To ask the Chancellor of the Exchequer, whether she plans to review Section 684 activities with reference to the Loan Charge.

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.

James Murray
Exchequer Secretary (HM Treasury)
29th Jul 2024
To ask the Chancellor of the Exchequer, whether her Department plans to respond to the consultation entitled Tax Simplification for Alternative Finance, which closed 9 April 2024.

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.

James Murray
Exchequer Secretary (HM Treasury)
29th Jul 2024
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of bringing the tax regulations for Sharia-compliant mortgages in line with conventional mortgages.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Jul 2024
To ask the Chancellor for the Exchequer, if she will take steps to ensure that pupils without an education, health and care who have experienced trauma are exempt from the introduction of VAT on private school fees.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Jul 2024
To ask the Chancellor of the Exchequer, when the next meeting of the Fiscal Forum between representatives of the oil and gas industry and HMT officials will go ahead.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Jul 2024
To ask the Chancellor of the Exchequer, when the next meeting of the Fiscal Forum between representatives of the oil and gas industry and HMT officials will go ahead.

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.

James Murray
Exchequer Secretary (HM Treasury)
29th Jul 2024
To ask the Chancellor of the Exchequer, when she plans to publish a response to the consultation on Plastic Packaging Tax - chemical recycling and adoption of a mass balance approach, published on 18 July 2023.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, what discussions her Department has had with the (a) Department for Work and Pensions and (b) Local Government Association on the Household Support Fund.

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.

Darren Jones
Chief Secretary to the Treasury
30th Jul 2024
To ask the Chancellor of the Exchequer, pursuant to the Answer of 22 July to Question 588 on Private Education: VAT, if she will make it her policy to extend the VAT exemption to children with (a) SEND and (b) in receipt of the Disability Living Allowance.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Jul 2024
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the proposed application of VAT to private school fees on families who can only access SEND provision in private schools due to deficits in local provision.

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).

James Murray
Exchequer Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, what fiscal steps she is taking to help attract foreign direct investment into green industries in the (a) Humber and (b) UK.

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.

Tulip Siddiq
Economic Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, what steps her Department plans to take to determine how the National Wealth Fund will be spent; and whether she plans to hold discussions with the devolved Administrations on such decisions.

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.

Tulip Siddiq
Economic Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, whether the devolved Administrations will have a role in determining where the National Wealth Fund is spent in those nations.

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.

Tulip Siddiq
Economic Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, what recent discussions she has had with the Scottish Government on the administration of the National Wealth Fund.

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.

Tulip Siddiq
Economic Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, how much and what proportion of the National Wealth Fund will be allocated to (a) Scotland, (b) England, (c) Wales and (d) Northern Ireland.

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.

Tulip Siddiq
Economic Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, with reference to the report entitled UK Payment Markets Report, published by UK Finance in July 2024, what discussions she has had with (a) Cabinet colleagues, (b) financial institutions and (c) business groups on (i) trends in the numbers of and (ii) support for UK adults who mainly use cash for transactions.

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.

Tulip Siddiq
Economic Secretary (HM Treasury)
2nd Sep 2024
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of the Crown Estate publishing the (a) asset value and (b) net revenue profit of the Crown Estate in Wales within its annual accounts.

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.

James Murray
Exchequer Secretary (HM Treasury)
2nd Sep 2024
To ask the Chancellor of the Exchequer, whether her Department is taking steps to (a) introduce new mechanisms for and (b) otherwise support (i) business to business operators and (ii) other businesses that have fast parcel operations between Great Britain and Northern Ireland in the period after the end of easements relating to the Northern Ireland Protocol.

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.

James Murray
Exchequer Secretary (HM Treasury)
30th Aug 2024
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of reducing early access penalty for lifetime ISAs from 25% to 20%.

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.

James Murray
Exchequer Secretary (HM Treasury)