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)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)

Conservative
Mel Stride (Con - Central Devon)
Shadow Chancellor of the Exchequer

Green Party
Adrian Ramsay (Green - Waveney Valley)
Green Spokesperson (Treasury)

Liberal Democrat
Charlie Maynard (LD - Witney)
Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)
Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
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
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)
Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
There are no upcoming events identified
Debates
Thursday 16th October 2025
Stablecoin Ownership
Lords Chamber
Select Committee Docs
Monday 20th October 2025
05:00
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 20th October 2025
Charitable Donations
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changing from a …
Secondary Legislation
Thursday 16th October 2025
Non-Domestic Rating (Definition of Qualifying Retail, Hospitality or Leisure Hereditament) Regulations 2025
These Regulations provide a definition for the term “qualifying retail, hospitality or leisure hereditament” for the purposes of determining whether …
Bills
Wednesday 25th June 2025
Supply and Appropriation (Main Estimates) Act 2025
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the …
Dept. Publications
Monday 20th October 2025
12:03

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
Sep. 09
Oral Questions
Sep. 03
Written Statements
Oct. 15
Westminster Hall
Oct. 14
Adjournment Debate
View All HM Treasury Commons Contibutions

Bills currently before Parliament

HM Treasury does not have Bills currently before Parliament


Acts of Parliament created in the 2024 Parliament

Introduced: 25th June 2025

A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.

This Bill received Royal Assent on 21st July 2025 and was enacted into law.

Introduced: 13th November 2024

A Bill to make provision about secondary Class 1 contributions.

This Bill received Royal Assent on 3rd April 2025 and was enacted into law.

Introduced: 6th November 2024

A Bill to make provision about finance.

This Bill received Royal Assent on 20th March 2025 and was enacted into law.

Introduced: 25th July 2024

A Bill to amend the Crown Estate Act 1961.

This Bill received Royal Assent on 11th March 2025 and was enacted into law.

Introduced: 5th March 2025

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.

Introduced: 6th November 2024

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.

Introduced: 18th July 2024

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.

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 designate areas, known as “special tax sites”, as special areas for the purposes of Parts 2 (plant and machinery allowances) and 2A (structures and buildings allowances) of the Capital Allowances Act 2001 (c. 2) (“CAA 2001”).
These Regulations designate areas, known as “special tax sites”, as special areas for the purposes of Parts 2 (plant and machinery allowances) and 2A (structures and buildings allowances) of the Capital Allowances Act 2001 (c. 2) (“CAA 2001”).
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
Petition Debates Contributed

Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.

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.

Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.

View All HM Treasury Petitions

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
Meg Hillier Portrait
Meg Hillier (Labour (Co-op) - Hackney South and Shoreditch)
Treasury Committee Member since 9th September 2024
Yuan Yang Portrait
Yuan Yang (Labour - Earley and Woodley)
Treasury Committee Member since 21st October 2024
Jeevun Sandher Portrait
Jeevun Sandher (Labour - Loughborough)
Treasury Committee Member since 21st October 2024
Lola McEvoy Portrait
Lola McEvoy (Labour - Darlington)
Treasury Committee Member since 21st October 2024
Siobhain McDonagh Portrait
Siobhain McDonagh (Labour - Mitcham and Morden)
Treasury Committee Member since 21st October 2024
John Glen Portrait
John Glen (Conservative - Salisbury)
Treasury Committee Member since 21st October 2024
Rachel Blake Portrait
Rachel Blake (Labour (Co-op) - Cities of London and Westminster)
Treasury Committee Member since 21st October 2024
Harriett Baldwin Portrait
Harriett Baldwin (Conservative - West Worcestershire)
Treasury Committee Member since 21st October 2024
Bobby Dean Portrait
Bobby Dean (Liberal Democrat - Carshalton and Wallington)
Treasury Committee Member since 28th October 2024
Chris Coghlan Portrait
Chris Coghlan (Liberal Democrat - Dorking and Horley)
Treasury Committee Member since 28th October 2024
John Grady Portrait
John Grady (Labour - Glasgow East)
Treasury Committee Member since 9th December 2024
Treasury Committee: Upcoming Events
Treasury Committee - Private Meeting
21 Oct 2025, 9:45 a.m.
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Treasury Committee - Oral evidence
Appointment of Stephen Blyth to the Financial Policy Committee
22 Oct 2025, 2 p.m.
At 2:15pm: Oral evidence
Stephen Blyth - External Member, Financial Policy Committee at Bank of England

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Treasury Committee - Oral evidence
Budget 2025
28 Oct 2025, 9:45 a.m.
At 10:00am: Oral evidence
Stewart Kenny - Co-founder at Paddy Power
Theo Bertram - Director at Social Market Foundation
At 11:00am: Oral evidence
Stephen Hodgson - Chair of Tax Committee at Betting and Gaming Council
Grainne Hurst - Chief Executive at Betting and Gaming Council

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Treasury Committee - Oral evidence
Budget 2025
29 Oct 2025, 2 p.m.
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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

10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to the National Infrastructure and Service Transformation Authority Annual Report 2024-25, published on 11 August 2025, what the projects are that have been removed from the Government Major Products Portfolio since the 2023-24 financial year.

The projects which have been removed from the Government Major Projects Portfolio since the 2023-24 financial year are included in the 2023-24 IPA Annual Report, and the 2024-25 NISTA Annual Report.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of corporation tax rises on small and medium-sized hospitality businesses.

Businesses in our retail, hospitality and leisure sectors are foundational to our economy and our high streets, and we are supporting them to succeed.

The Government published its Corporate Tax Roadmap at Autumn Budget 2024, which commits to maintaining a competitive and sustainable main rate by capping corporation tax at 25 per cent for the duration of this Parliament. The Roadmap also confirms that the small profits rate will be maintained, so companies with profits of £50,000 or less will continue to pay 19 per cent.

The marginal relief for companies with profits of between £50,000 and £250,000 means only around 6 per cent of actively trading companies pay the full main rate. This structure means that most small and medium-sized businesses, including those in the hospitality sector, do not pay the full rate.

In addition, the Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.

As set out at Autumn Budget 2024, the Government will introduce permanently lower tax rates for retail, hospitality, and leisure properties with ratable values below £500,000 from 2026-27. This permanent tax cut will ensure they benefit from much-needed certainty and support.

Ahead of these new multipliers being introduced, the Government prevented the current RHL relief from ending in April 2025, extending it for one year at 40 per cent up to a cash cap of £110,000 per business. We have also frozen the small business multiplier.

Dan Tomlinson
Exchequer Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to the National Infrastructure and Service Transformation Authority Annual Report 2024-25, published on 11 August 2025, what the projects are that have been added to the Government Major Products Portfolio since the 2023-24 financial year.

The projects which have joined the Government Major Projects Portfolio since the 2023-24 financial year are included in the 2023-24 IPA Annual Report, and the 2024-25 NISTA Annual Report.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, what progress the Covid Counter Fraud Commissioner has made in recovering public money lost through pandemic-related (a) fraud and (b) non-delivered contracts.

The government is leaving no stone unturned to investigate and recover public funds lost to fraud and error during the pandemic. The Covid Counter Fraud Commissioner will report to Parliament by the end of his term in December 2025.

In his first phase, the Commissioner focused on £1.4 billion of disputed personal protective equipment (PPE) contracts. This revealed that that c.16% of pandemic era PPE contracts failed. Recovery action has resulted in some PPE suppliers being referred to the National Crime Agency for suspected fraud.

The second phase of the Commissioner’s work focused on government-wide recovery activities. In response to his recommendation, Government launched a Voluntary Repayment Scheme and Covid fraud reporting website in September 2025. Claimants who have yet to respond to the voluntary repayment scheme risk court. New powers for the government will make detection easier and allow the government to levy civil penalties, which will ensure that those who have defrauded the taxpayer face the consequences.

The Commissioner is currently preparing his final report, which will include his assessment of further opportunities for action and recommendations to strengthen government procurement, fraud prevention, and recovery in future crises.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, whether (a) projects and (b) programmes have been added to the Government Major Projects Portfolio since 5 July 2024.

Projects and programmes joining after 5th July 2024 and before end of March 2025 are included in the annual report 24/25. Any projects and programmes joining after March 2025 will be published in Summer 2026 in the annual report 25/26.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, how her Department will allocate the £1 billion additional funding for HMRC across tax gap initiatives.

HMRC will allocate the additional funding at Autumn Budget 2024 and Spring Statement 2025 to close the tax gap predominately to frontline staff and digital services, including:

  • 5,500 additional frontline compliance officers
  • 2,400 additional debt management staff
  • investment in debt case management systems
  • placing additional tax debts with private debt collection agencies
  • delivering Making Tax Digital for income tax self-assessment
  • digitalising the Inheritance Tax service to provide a modern, easy-to-use system, that makes submitting returns and paying tax simpler and quicker

As well as these investments, we introduced measures to:

  • Increase the interest rate on unpaid tax
  • Change the tax rules on liquidations of Limited Liability Partnerships
  • Prevent non-compliance from the transfer overseas of UK tax-relieved pension funds
  • Modernise and mandate registration of tax practitioners interacting with HMRC
Dan Tomlinson
Exchequer Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, whether she plans to take steps to enable an increase in the Official Development Assistance budget.

To enable the government to invest more on security and defence, while remaining committed to our fiscal rules, the Prime Minister has taken the difficult decision to reduce Official Development Assistance (ODA) to the equivalent of 0.3% of GNI by 2027. The Spending Review (SR) 2025 ODA settlement delivers on this. The government remains committed to returning spending on ODA to 0.7% of GNI when the fiscal circumstances allow. The OBR’s latest forecast shows that the ODA fiscal tests are not due to be met within the Parliament. The government will continue to monitor future forecasts closely, and each year will review and confirm, in accordance with the International Development (Official Development Assistance Target) Act 2015, whether a return to spending 0.7% of GNI on ODA is possible against the latest fiscal forecast. 
James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to page 42 of the National Security Strategy 2025, published in June 2025, CP 1338, what progress she has made on scaling up the National Security Strategic Investment Fund.

The government’s recent Spending Review included the scaling of the National Security Strategic Investment Fund – further funding will therefore be provided from the next financial year. Officials from relevant government departments are currently working together to optimise the fund’s operations to ensure the National Security and Defence community and start-ups across the country benefit from its expansion.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to page 42 of the Defence Industrial Strategy: Making Defence an Engine for Growth, published on 8 September 2025, CP 1388, by when she expects the British Business Bank Industrial Strategy Growth Capital to provide the additional £4 billion.

The British Business Bank’s Industrial Strategy Growth Capital provides an additional £4 billion across the 8 Industrial Strategy sectors and is expected to be deployed over a four-year period. This funding will be committed through existing investment vehicles and is anticipated to be allocated by the end of the 2029–30 financial year, with some follow on funding for companies beyond 2030.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, what recent discussions she has had with the Secretary of State for Health and Social Care on the potential impact of district valuer assessments on the opening of new GP surgeries.

The Chancellor has regular conversations with the Health Secretary on range of issues.

The Spending Review 2025 announced the largest ever health capital budget, with a £2.3 billion real terms increase in capital spending over the SR period.

The £102 million Primary Care Utilisation and Modernisation Fund announced earlier this year will upgrade more than a thousand GP surgeries across England, which will create space to deliver more appointments and improve access for patients.

With respect to the opening of new GP surgeries, this is a matter for the Department of Health and Social Care and the NHS, who may consult the district valuer when the value for money of premises development proposals is assessed.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to page 53 of the Strategic Defence Review, published on 2 June 2025, how many meetings of the Defence Growth Board she has chaired in 2025 to date.

The Chancellor has chaired one meeting of the Defence Growth Board in 2025 to date. The Defence Industrial Strategy, published on 8 September 2025, details how this government is making Defence an engine for growth, and the Chancellor and Defence Secretary are working closely to turn the strategy into action.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, what steps she is taking to help support economic growth in coalfield communities in Wales.

HM Treasury ministers regularly engage with Welsh Government counterparts, including through forums such as the Finance: Interministerial Standing Committee (F:ISC), to discuss a range of issues affecting Wales, including economic growth. The most recent F:ISC was on 17 October.

The Welsh Government receives funding through the Barnett formula which it can spend across its devolved responsibilities as it sees fit to promote inclusive growth in Wales, including in coalfield communities. The Welsh Government are accountable to the Senedd for these decisions.

Wales continues to receive targeted funding from UK Government designed to boost growth and opportunity, such as through the City and Growth deals covering all of Wales which the UK Government and the Welsh Government work in partnership to deliver. At the Spending Review in 2025, the UK Government announced a further investment of £143 million new spend over four years into a joint programme of work with the Welsh Government to maintain the safety of disused coal tips and drive local economic growth.

The UK Government will continue to work in partnership with Welsh Government to ensure communities, including those with disused coal tips, are empowered to fulfil their economic potential and help spread prosperity across all parts of the UK.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, what discussions she has had with the Welsh Government on encouraging inclusive growth in coalfield communities in Wales.

HM Treasury ministers regularly engage with Welsh Government counterparts, including through forums such as the Finance: Interministerial Standing Committee (F:ISC), to discuss a range of issues affecting Wales, including economic growth. The most recent F:ISC was on 17 October.

The Welsh Government receives funding through the Barnett formula which it can spend across its devolved responsibilities as it sees fit to promote inclusive growth in Wales, including in coalfield communities. The Welsh Government are accountable to the Senedd for these decisions.

Wales continues to receive targeted funding from UK Government designed to boost growth and opportunity, such as through the City and Growth deals covering all of Wales which the UK Government and the Welsh Government work in partnership to deliver. At the Spending Review in 2025, the UK Government announced a further investment of £143 million new spend over four years into a joint programme of work with the Welsh Government to maintain the safety of disused coal tips and drive local economic growth.

The UK Government will continue to work in partnership with Welsh Government to ensure communities, including those with disused coal tips, are empowered to fulfil their economic potential and help spread prosperity across all parts of the UK.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of defined benefit pension schemes for public sector workers on the public purse; and whether she plans to review the balance between defined benefit and defined contribution pension schemes across the (a) public and (b) private sectors.

In line with the Independent Public Service Pensions Commission’s report in 2011, the Government’s central measure of the affordability of public service pensions is long-term public service pension spending as a share of GDP. In its Fiscal Risk and Sustainability Report 2024, the OBR projects that this measure will fall from 1.9% in 2023-24 to 1.4% in 2073-74.

The Government has established a new Pensions Commission, to support a strong, sustainable and fair pension system that secures a financially secure retirement for millions of private sector pensioners into the middle of this century.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to her speech to the Labour Party Conference of 29 September 2025, with which employers her Department held discussions on the Youth Jobs Guarantee.

In September, the Chancellor announced that the government will offer a guaranteed job to all young people on Universal Credit, who are unemployed for over 18 months. This will guarantee an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. This will help aid the government's long-term ambition of an 80% employment rate.

As the Chancellor has already set out, further details on the design of work placements and delivery of the scheme, including eligibility criteria, will be set out at the Budget.

The jobs guarantee will be funded from within existing budgets and will be delivered by the Department for Work and Pensions (DWP).

DWP are engaging with employers and employer representative bodies on the details of the jobs guarantee. Participating employers will be agreed in due course.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to her speech to the Labour Party Conference of 29 September 2025, which employers have agreed to offer placements as part of the Youth Jobs Guarantee.

In September, the Chancellor announced that the government will offer a guaranteed job to all young people on Universal Credit, who are unemployed for over 18 months. This will guarantee an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. This will help aid the government's long-term ambition of an 80% employment rate.

As the Chancellor has already set out, further details on the design of work placements and delivery of the scheme, including eligibility criteria, will be set out at the Budget.

The jobs guarantee will be funded from within existing budgets and will be delivered by the Department for Work and Pensions (DWP).

DWP are engaging with employers and employer representative bodies on the details of the jobs guarantee. Participating employers will be agreed in due course.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to her speech to the Labour Party Conference of 29 September 2025, whether the cost of the placements through the Youth Jobs Guarantee will be funded by the public purse.

In September, the Chancellor announced that the government will offer a guaranteed job to all young people on Universal Credit, who are unemployed for over 18 months. This will guarantee an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. This will help aid the government's long-term ambition of an 80% employment rate.

As the Chancellor has already set out, further details on the design of work placements and delivery of the scheme, including eligibility criteria, will be set out at the Budget.

The jobs guarantee will be funded from within existing budgets and will be delivered by the Department for Work and Pensions (DWP).

DWP are engaging with employers and employer representative bodies on the details of the jobs guarantee. Participating employers will be agreed in due course.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to her speech to the Labour Party Conference of 29 September 2025, whether placements available through the Youth Jobs Guarantee will be in the (a) public, (b) private and (c) voluntary sectors.

In September, the Chancellor announced that the government will offer a guaranteed job to all young people on Universal Credit, who are unemployed for over 18 months. This will guarantee an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. This will help aid the government's long-term ambition of an 80% employment rate.

As the Chancellor has already set out, further details on the design of work placements and delivery of the scheme, including eligibility criteria, will be set out at the Budget.

The jobs guarantee will be funded from within existing budgets and will be delivered by the Department for Work and Pensions (DWP).

DWP are engaging with employers and employer representative bodies on the details of the jobs guarantee. Participating employers will be agreed in due course.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to her speech to the Labour Party Conference of 29 September 2025, what estimate her Department has made of the average cost of a Youth Jobs Guarantee placement.

In September, the Chancellor announced that the government will offer a guaranteed job to all young people on Universal Credit, who are unemployed for over 18 months. This will guarantee an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. This will help aid the government's long-term ambition of an 80% employment rate.

As the Chancellor has already set out, further details on the design of work placements and delivery of the scheme, including eligibility criteria, will be set out at the Budget.

The jobs guarantee will be funded from within existing budgets and will be delivered by the Department for Work and Pensions (DWP).

DWP are engaging with employers and employer representative bodies on the details of the jobs guarantee. Participating employers will be agreed in due course.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to her speech to the Labour Party Conference of 29 September 2025, what estimate her Department has made of the number of placements that will be available under the Youth Jobs Guarantee.

In September, the Chancellor announced that the government will offer a guaranteed job to all young people on Universal Credit, who are unemployed for over 18 months. This will guarantee an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. This will help aid the government's long-term ambition of an 80% employment rate.

As the Chancellor has already set out, further details on the design of work placements and delivery of the scheme, including eligibility criteria, will be set out at the Budget.

The jobs guarantee will be funded from within existing budgets and will be delivered by the Department for Work and Pensions (DWP).

DWP are engaging with employers and employer representative bodies on the details of the jobs guarantee. Participating employers will be agreed in due course.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to her speech to the Labour Party Conference of 29 September 2025, what estimate her Department has made of the number of people who will be supported under the Youth Jobs Guarantee.

In September, the Chancellor announced that the government will offer a guaranteed job to all young people on Universal Credit, who are unemployed for over 18 months. This will guarantee an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. This will help aid the government's long-term ambition of an 80% employment rate.

As the Chancellor has already set out, further details on the design of work placements and delivery of the scheme, including eligibility criteria, will be set out at the Budget.

The jobs guarantee will be funded from within existing budgets and will be delivered by the Department for Work and Pensions (DWP).

DWP are engaging with employers and employer representative bodies on the details of the jobs guarantee. Participating employers will be agreed in due course.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to page 42 of the Defence Industrial Strategy: Making Defence an Engine for Growth, published on 8 September 2025, CP 1388, by when she expects the British Business Bank to (a) introduce tailored market approaches and (b) offer the £40 to £60 million to strategically important, capital-intensive businesses.

The British Business Bank will be able to deploy the funding it was allocated at Spending Review, and which was outlined in the Defence Industrial Strategy, from the beginning of the next financial year. As a commercially independent organisation the BBB will select its own investments, in line with the Mandate set by government.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to page 42 of the National Security Strategy 2025, published in June 2025, CP 1338, what progress she has made on supporting priority sectors through a new National Wealth Fund investment for defence companies.

The National Wealth Fund was directed in its Statement of Strategic Priorities to consider the role it can play in supporting the delivery of the wider Industrial Strategy, including in the defence sector. It was also directed to consider investments in dual-use technologies across its priority sectors, to better support the UK’s defence and security.

The National Wealth Fund is just one of many levers to support the defence sector. The National Security Strategy 2025 included a historic commitment to spend 5% of GDP on national security by 2035.

Lucy Rigby
Economic Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to page 46 of the National Security Strategy 2025, published in June 2025, CP 1338, what progress she has made on reducing the cost of finance for defence companies.

As set out in the Defence Industrial Strategy, a Defence Finance and Investment Strategy will be published by early next year, explicitly looking at how barriers to investment in defence can be removed while making the sector more attractive for private investment.
James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, pursuant to the Answer of 8 September 2025 to Question 71213 on Public Sector: Pay, how many applications made through the senior pay process (a) were rejected since 4 July 2024 and (b) were approved since the new guidance was issued in July 2025; and if he will publish the number of approvals made through that process since 4 July 2024, broken down by (i) Department and (ii) public body.

Since July 2024, of the senior pay cases submitted to HM Treasury for approval, three were outright rejected. A further 28 cases were modified or partially approved. Since the issuance of new guidance in July 2025, 21 cases have been approved. Pay of senior public sector employees is published in organisation’s annual reports and accounts.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of providing additional funding for the Tropical Forests Forever Facility on economic growth.

The Government recognises the importance of protecting tropical forests and welcomes Brazil’s leadership in developing the Tropical Forests Forever Facility (TFFF) ahead of COP30. The UK has supported the development of the TFFF through technical assistance but has not provided a direct financial contribution to the Facility.

Lucy Rigby
Economic Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, when her Department plans to (a) conclude its review of salary sacrifice schemes in the public sector and (b) make decisions on their future.

Public sector employers should consider the use of salary sacrifice schemes carefully. HM Treasury approval is generally required before new schemes are established, and we will consider carefully all requests which are made for scheme expansion.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to the UK’s Modern Industrial Strategy, CP 1337, published on 23 June 2025, what progress she has made on expanding the mandate of the National Wealth Fund to support growth.

On 19 March the Chancellor published a Statement of Strategic Priorities, directing the National Wealth Fund to support growth and the delivery of the wider Industrial Strategy, including in defense, life sciences, and creative industries. This includes prioritising specific growth-driving sectors, investing in city regions and high potential clusters, and crowding-in private capital for vital projects that would otherwise not have taken place.

The National Wealth Fund has made significant progress towards achieving its mandate to support growth. Since July 2024, the National Wealth Fund has invested approximately £3.77bn, which has unlocked £5.4bn in private investment and created 12,000 jobs across the UK.

To enable the National Wealth Fund to deliver on its growth objective, the National Wealth Fund has deepened engagement with Mayoral Strategic Authorities and City Region Joint Committees, including establishing Strategic Partnerships with West Midlands, West Yorkshire, Greater Manchester, and Glasgow City Region.

Lucy Rigby
Economic Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to page 42 of the Defence Industrial Strategy: Making Defence an Engine for Growth, published on 8 September 2025, CP 1388, if she will make an assessment of the potential merits of using the National Wealth Fund to provide funding for dual-use graphene technology created by Paragraf in Huntingdon constituency.

The National Wealth Fund invests in capital intensive projects, businesses, and assets by offering financing in the form of debt, equity and guarantees.

The Government published the National Wealth Fund’s Statement of Strategic Priorities on 19 March which directed the National Wealth Fund to consider investments in dual-use technologies across its priority sectors of clean energy, digital and technologies, advanced manufacturing, and transport to better support the UK’s defence and security.

The National Wealth Fund is operationally independent and has delegated authority to make investment decisions, subject to those investments meeting certain conditions agreed with HM Treasury. An investment made by the National Wealth Fund would need to have satisfied its investment principles and internal approval processes.

Lucy Rigby
Economic Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, whether local authorities are able to utilise the expertise of the (a) Office for Investment, (b) National Wealth Fund and (c) British Business Bank.

The UK's public investment bodies, including the Office for Investment, National Wealth Fund, and British Business Bank, are committed to working with each other, local government and the private sector to support regional growth.

a) The Office for Investment actively pursues investment projects that support national growth missions and infrastructure strategies across the UK. It will work closely with local and regional partners, including local authorities, to support this. This includes helping key places to identify, develop, and showcase investment opportunities with global investors that are aligned with the UK's Industrial Strategy.

b) The National Wealth Fund offers commercial and financial advice, and has £4bn to provide low-cost lending, to local authorities across the UK. It is also trialling Strategic Partnerships with Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region to provide enhanced support to help places develop and finance long-term investment opportunities.

c) The British Business Bank works closely with local and regional stakeholders to improve access to finance for small and medium-sized enterprises, including through its Nations and Regions Investment Funds and upcoming cluster champion activity, supporting local economic priorities through targeted funding and investment readiness support.

Lucy Rigby
Economic Secretary (HM Treasury)
14th Oct 2025
To ask the Chancellor of the Exchequer, whether she plans to appoint an independent commissioner who would be responsible for outstanding losses from the Equitable Life scandal.

Under plans put in place by the Liberal Democrat and Conservative coalition Government, the Equitable Life Payment Scheme was fully wound down and closed in 2016. The only remaining part of the Payment Scheme in operation is the annual payments made to eligible With-Profit-Annuitants and the Scheme is on track to distribute the remainder of the £1.5 billion as planned.

There are no plans to reopen any decisions relating to the Payment Scheme. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.

Torsten Bell
Parliamentary Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, when the pension remediation work under the Public Service Pensions and Judicial Offices Act 2022 will be completed.

The McCloud remedy under the Public Service Pensions and Judicial Offices Act 2022 took effect from October 2023 and will deliver a full remedy to all affected public service pension scheme members. As part of this, all affected members are receiving a remediable service statement setting out the details of their pension entitlements. Pensioner members can make their remedy choice on receipt of this statement, while active and deferred members will make their choice at the point at which they retire. Schemes are currently working hard to ensure the remedy is delivered to all affected members as quickly as possible.

Torsten Bell
Parliamentary Secretary (HM Treasury)
14th Oct 2025
To ask the Chancellor of the Exchequer, pursuant to the Answer of 9 September 2025 to Question 75165 on Crown Estate: Wales, if he will publish the full minutes of the meeting between the Financial Secretary to the Treasury, the Welsh Government's Cabinet Secretary for Finance and the Welsh Government's Cabinet Secretary for Economy, Energy and Planning on 10 September 2025.

It would not be appropriate to share the minutes of this meeting as it would inhibit open and frank discussion in the development of government policy.

James Murray
Chief Secretary to the Treasury
14th Oct 2025
To ask the Chancellor of the Exchequer, pursuant to the Answer of 9 September 2025 to Question 75166 on Crown Estate: Wales, whether (a) the recruitment campaign has begun for a Crown Estate Commissioner with special responsibility for Wales and (b) a specific date for the appointment of that Commissioner has been decided upon.

The recruitment campaign started on 16 October and will progress in accordance with the Governance Code for Public Appointments. This is also a Crown appointment and as such the Prime Minister will make a recommendation to His Majesty The King and a Royal Warrant issued.

James Murray
Chief Secretary to the Treasury
10th Oct 2025
To ask the Chancellor of the Exchequer, what fiscal steps she is taking to help support businesses affected by food inflation.

The Government prioritises sound public finances, which are essential to economic and financial stability, and delivering economic growth. We are living within our means, reducing our levels of borrowing in the years ahead and supporting the Bank of England to get inflation down. We have already made progress towards this, with five interest rate cuts delivered this since the election.

The Chancellor has asked departments to prioritise reducing inflation when developing policies for the Autumn Budget, ensuring decisions continue to support stability and long-term growth.

Lucy Rigby
Economic Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to page 42 of the Defence Industrial Strategy: Making Defence an Engine for Growth, published on 8 September 2025, CP 1388, what legislative proposals she plans to bring forward to enable the expansion of the National Wealth Fund’s investment scope to (a) capital-intensive projects, (b) businesses and (c) assets.

The government will bring forward primary legislation, when parliamentary time allows, to expand the NWF’s mandate beyond infrastructure, enabling it to invest into a wider range of capital-intensive projects, businesses and assets that support growth.

Until then, the National Wealth Fund will continue to invest to support the delivery of the wider Industrial Strategy, including in defense. Its priority sectors, such as advanced manufacturing or digital and technology, have significant synergies with the defense sector.

Lucy Rigby
Economic Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, what estimate her Department has made of the potential economic impact of extreme weather events related to climate change on the level of economic growth since 1 January 2020; and what steps she is taking with Cabinet colleagues to help reduce those costs through (a) adaptation and (b) resilience measures.

The Government recognises that preparing for the future means adapting to the effects of climate change. Without action, extreme weather, flooding, coastal erosion and other climate hazards will pose greater risks to lives, livelihoods and people’s wellbeing.

The Office for Budget Responsibility’s latest Fiscal Risks and Sustainability report estimates the potential fiscal costs to the UK from climate damage across a range of warming scenarios. Their analysis includes both direct costs in response to physical damages and indirect costs arising from additional demands on public services. Estimates show that without action, physical damages from climate change could lower GDP by around 5% by the early 2070s under a below 3°C scenario. The UK’s Third Climate Change Risk Assessment also provides an evaluation of the climate risks facing the UK, with impacts across infrastructure, health and the economy.

As set out at Phase 2 of the Spending Review, the Government is investing in climate adaptation to protect the economy from the impacts of climate change, confirming investment of £4.2 billion over three years (2026-27 to 2028-29) to improve flood resilience.

The Government is committed to strengthening the nation’s resilience. A 10 Year Strategy, published on 19 June 2025, set out its plan to review existing resilience standards across critical national infrastructure sectors by the end of 2026, and then to update these standards where existing standards do not provide the coverage necessary to ensure resilience and underpin growth. The Government is also exploring how stronger adaptation objectives can be set to improve preparedness for the impacts of climate change. This will inform the fourth National Adaptation Programme, due in 2028.

Lucy Rigby
Economic Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of introducing a tax on remittance flows.

The Treasury does not collect or report data on the flow of remittances out of the UK and has not under previous governments. The UK imposes taxes based on individual’s residence status. Individuals who are resident in the UK are taxable on their income and gains that arise worldwide. Remitting funds outside of the UK is not generally considered to be a chargeable event for individuals. It should also be noted that funds being remitted will often have been subject to UK tax, such as income tax, if funded from earnings.

Lucy Rigby
Economic Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, how much in remittances by country of destination has been sent from the UK in each year since 2020.

The Treasury does not collect or report data on the flow of remittances out of the UK and has not under previous governments. The UK imposes taxes based on individual’s residence status. Individuals who are resident in the UK are taxable on their income and gains that arise worldwide. Remitting funds outside of the UK is not generally considered to be a chargeable event for individuals. It should also be noted that funds being remitted will often have been subject to UK tax, such as income tax, if funded from earnings.

Lucy Rigby
Economic Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, what arrangements were made following the introduction of sanctions on the owners of Sutton Place to (a) maintain the property and (b) pay any outstanding liabilities.

OFSI does not generally comment on specific cases. For further information about how OFSI takes licensing decisions, please see the OFSI’s general guidance here, and OFSI’s supplemental licensing guidance here.

The asset freeze imposed on designated persons prohibits them from dealing with or benefiting from their UK assets, including real estate.

Where appropriate, OFSI may issue either a general or specific licence on behalf of HM Treasury to permit activity that would otherwise be prohibited by an asset freeze. This includes to enable payments for pre-existing obligations and for the routine holding and maintenance of properties owned by designated persons.

However, while a licence permits such payments, it does not compel the designated person to undertake the work. Therefore, even if OFSI issues a licence, maintenance or repairs will only take place if the designated person is willing to carry them out.

Lucy Rigby
Economic Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, what steps her Department is taking to prevent Russian crypto assets being purchased in Britain.

Since 2020 UK cryptoasset firms have been subject to the Money Laundering and Terrorist Financing Regulations, requiring strict supervision, customer checks and suspicious activity reporting. Since 2023, these firms have also been required to collect, verify and share information about the sender and receiver of transfers.

The Economic Crime and Corporate Transparency Act (2023) gave law enforcement new powers to seize criminal cryptoassets. These powers, alongside the 475 new financial investigators funded by the Economic Crime Levy, new crypto track-and-trace technologies, and public-private working, empower law enforcement to tackle crypto crime, including peer-to-peer transactions between self-hosted wallets.

In addition, Treasury’s Office of Financial Sanctions Implementation (OFSI) works alongside other government agencies to tackle the threats posed to sanctions by illicit cryptoasset activity. OFSI’s recent Cryptoassets Threat Assessment informs how UK cryptoasset firms can combat breaches. OFSI is fully prepared to pursue any sanctions offences, and continues to scale up its enforcement capacity.

Lucy Rigby
Economic Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, what steps her Department is taking to close chat-mediated services that facilitate the purchasing of Russian crypto assets in Britain.

Since 2020 UK cryptoasset firms have been subject to the Money Laundering and Terrorist Financing Regulations, requiring strict supervision, customer checks and suspicious activity reporting. Since 2023, these firms have also been required to collect, verify and share information about the sender and receiver of transfers.

The Economic Crime and Corporate Transparency Act (2023) gave law enforcement new powers to seize criminal cryptoassets. These powers, alongside the 475 new financial investigators funded by the Economic Crime Levy, new crypto track-and-trace technologies, and public-private working, empower law enforcement to tackle crypto crime, including peer-to-peer transactions between self-hosted wallets.

In addition, Treasury’s Office of Financial Sanctions Implementation (OFSI) works alongside other government agencies to tackle the threats posed to sanctions by illicit cryptoasset activity. OFSI’s recent Cryptoassets Threat Assessment informs how UK cryptoasset firms can combat breaches. OFSI is fully prepared to pursue any sanctions offences, and continues to scale up its enforcement capacity.

Lucy Rigby
Economic Secretary (HM Treasury)
15th Oct 2025
To ask the Chancellor of the Exchequer, whether she plans to increase the rate of Insurance Premium Tax; and whether she has made an assessment of the potential impact of any such increase on (a) household and (b) business insurance costs.

Insurance Premium Tax (IPT) is a broad-based tax which raises important revenue to fund essential public services including the NHS, defence, and education. The rate of IPT has been unchanged since 2017.

The Chancellor makes decisions on tax policy at fiscal events in the context of the overall public finances. At Autumn Budget 2024 and Spring Statement 2025, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to fix the public finances, fund public services, and restore economic stability.

Lucy Rigby
Economic Secretary (HM Treasury)
15th Oct 2025
To ask the Chancellor of the Exchequer, whether she plans to extend the temporary five pence fuel duty reduction.

The Government carefully considers the impact of fuel duty on households and businesses and the public finances, with decisions on rates made at fiscal events.

Dan Tomlinson
Exchequer Secretary (HM Treasury)
15th Oct 2025
To ask the Chancellor of the Exchequer, whether she plans to introduce or extend VAT to private hire vehicle journeys; and whether she has made an assessment of the potential impact of such a measure on (a) fares for passengers and (b) small operators.

Private hire vehicle services provided by VAT-registered businesses are, and always have been, subject to VAT.

Dan Tomlinson
Exchequer Secretary (HM Treasury)
15th Oct 2025
To ask the Chancellor of the Exchequer, whether she plans to increase fuel duty; and whether she has made an assessment of the potential impact of any such increase on the (a) cost of living and (b) business transport costs.

The Government carefully considers the impact of fuel duty on households and businesses and the public finances, with decisions on rates made at fiscal events.

Dan Tomlinson
Exchequer Secretary (HM Treasury)
13th Oct 2025
To ask the Chancellor of the Exchequer, what assessment she has made of the value for money of Motability’s VAT and Insurance Premium Tax reliefs.

The Government keeps all taxes under review, and the Chancellor makes decisions on tax policy at fiscal events in the context of the overall public finances.

Dan Tomlinson
Exchequer Secretary (HM Treasury)
13th Oct 2025
To ask the Chancellor of the Exchequer, whether her Department checks that National Insurance numbers associated with visa-holders cease being associated with tax payments at the expiry of work visas.

The National Insurance (NI) number is a reference number for the administration of National Insurance and social security, and is used more widely in tax administration. The NI number does not expire or cease being associated with an individual if their visa expires.

Dan Tomlinson
Exchequer Secretary (HM Treasury)
10th Oct 2025
To ask the Chancellor of the Exchequer, with reference to the official statistics entitled 2025 HMRC statistics announcements, published on 8 October 2025, what assessment he has made of the reasons for HMRC’s error in recording VAT cash receipts outturn.

HMRC corrected the error in their VAT cash receipts which impacted provisional figures from April 2025 to August 2025. The impact of the correction was an upward revision of VAT cash receipts by £2.4 billion (approximately 3% of year-to-date VAT receipts). There was no impact on earlier years. The revision was published in an exceptional release on 8 October 2025. This revision also means the ONS published revised borrowing figures, which for 2025/26 reduced by £2.0 billion.

I have been given assurance from HMRC that the revision does not affect any interactions with taxpayers and that HMRC will be conducting a robust review to prevent it happening again.

Dan Tomlinson
Exchequer Secretary (HM Treasury)