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.
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
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: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.
HM Treasury does not have Bills currently before Parliament
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.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
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).
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025Raise 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.
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025We 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.
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
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.
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.
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.
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.
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.
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.
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:
As well as these investments, we introduced measures to:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Private hire vehicle services provided by VAT-registered businesses are, and always have been, subject to VAT.
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.
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.
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.
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.