HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
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
Richard Fuller (Con - North Bedfordshire)Shadow Chief Secretary to the 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)
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Chief Secretary to the Treasury
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Rachel Blake (LAB - Cities of London and Westminster)
Economic Secretary (HM Treasury)
06:45
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, whether her Department holds data on how many times in 2025 the provisions …
Section 3(6) of the Public Service Pensions Act 2013 (c. 25) (“the 2013 Act”) lists certain types of scheme regulations …
A Bill to make provision about the regulation of financial services and markets; and for connected purposes.
14:30
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section 4 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992, so that amounts of salary sacrificed for employer pensions contributions pursuant to optional remuneration arrangements are liable to national insurance contributions.
This Bill received Royal Assent on 29th April 2026 and was enacted into law.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and 31 March 2027; 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 2025 and 31 March 2026.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
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.
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).
(20,238 in the last 7 days)
(5,502 in the last 7 days)
(1,592 in the last 7 days)
(477 in the last 7 days)
(376 in the last 7 days)
(376 in the last 7 days)
(20,238 in the last 7 days)
(5 in the last 7 days)
(1,592 in the last 7 days)
(5 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 11 months, 3 weeks ago
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.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 1 year ago
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.
Petition Closed
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closed 1 year ago
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: Upcoming Events
The OBR: 15 years on
16 Jun 2026, 9:30 a.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The Government has assessed the cumulative impacts of measures announced over recent Budgets on businesses and households. Taken together, these measures raise revenue to support the public finances in a fair way, whilst providing targeted support. The Government recognises that recent policy changes will have combined effects on some businesses. Where changes are made, relevant assessments and impact notes are published to inform stakeholders.
Exchequer Secretary (HM Treasury)
The Chancellor appreciates that the weekly shop is one of the biggest worries for families and is taking action on the cost of living, by suspending tariffs on a range of agri-food products.
The Government announced a package of temporary tariff suspensions on 30 April with a detailed list published on 20 May. These suspensions will reduce import costs for these items. The benefit to consumers is estimated to be around £100m to £400m annually.
The Chancellor also announced a consultation on a further list of products on 21 May. Taking account of all the items on the second list of products, published on 27 May, and currently subject to the call for input, would increase the estimated consumer benefit to a total of around £330m to £770m.
Exchequer Secretary (HM Treasury)
The Chancellor appreciates that the weekly shop is one of the biggest worries for families and is taking action on the cost of living, by suspending tariffs on a range of agri-food products.
The Government announced a package of temporary tariff suspensions on 30 April with a detailed list published on 20 May. These suspensions will reduce import costs for these items. The benefit to consumers is estimated to be around £100m to £400m annually.
The Chancellor also announced a consultation on a further list of products on 21 May. Taking account of all the items on the second list of products, published on 27 May, and currently subject to the call for input, would increase the estimated consumer benefit to a total of around £330m to £770m.
Exchequer Secretary (HM Treasury)
The Chancellor appreciates that the weekly shop is one of the biggest worries for families. She is taking action on the cost of living, including by suspending tariffs on a range of agri-food products. The UK grocery market is highly competitive, and we fully expect that retailers will pass on the entirety of cost savings to consumers.
Exchequer Secretary (HM Treasury)
The two packages of agri-food tariff suspensions will reduce import costs for the included items and bear down on consumer costs. The benefit to consumers is estimated to be around a combined £330m to £770m annually for the initial package which has been implemented and the second package which is currently being consulted on.
The list of products for which tariff suspensions are proposed takes account of domestic production and food security and does not include any significant UK primary agriculture production. The list of products is subject to further engagement with the farming industry, food manufacturers and other stakeholders. This call for input is due to close on 24th June.
The UK grocery market is highly competitive, and we expect that retailers will pass on the full cost savings.
Exchequer Secretary (HM Treasury)
The Government is committed to increasing productivity as a central driver of sustainable economic growth and rising living standards.
To support this, at the 2026 Mais Lecture, the Chancellor announced the government is going further with three big choices to drive stronger, more secure growth by empowering regional growth, embracing AI and innovation, and establishing a closer relationship with the EU.
This builds on the significant steps the Government has already taken to increase investment across the whole of the UK, including delivering on our plans to increase public investment by over £120 billion compared to previous plans, alongside reforms to boost private investment.
As part of our plans, the Government is investing £39bn to increase the supply of affordable homes, and over £820m for the Youth Guarantee to strengthen access to employment opportunities in areas such as Romford supported by initiatives such as Trailblazer Youth and Economic Inactivity Hubs.
The Government are also investing in public services, with the Primary Care Utilisation and Modernisation Fund expanding GP capacity by upgrading over 1,000 surgeries nationwide, including 7 schemes across the North East London Integrated Care Board area covering Romford.
Parliamentary Secretary (HM Treasury)
At the Budget, the VO announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties.
In recognition of the impact of the revaluation on bills, the Government has introduced a support package worth £4.3 billion, to protect against ratepayers seeing large overnight increases in bills.
The Government has also introduced new permanently lower multipliers for eligible RHL properties. These new multipliers are worth nearly £1 billion per year and benefit over 750,000 properties. A regional breakdown of properties in scope can be found here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier.
Amongst all ratepayers, over half see no bill increases in 2026/27, including 23 per cent whose bills go down, due to the government's overall package. This also means most properties seeing increases have them capped at 15 per cent or less in 2026/27, or £800 for the smallest.
Additionally, the government has introduced a 1-year 15 per cent relief for all pubs and live music venues in 2026/27, on top of the existing support package announced at Budget. For the following two years, their bills will then be frozen in real terms. Three-quarters of pubs see bills flat or falling in 2026/27.
We recognise that hotels have expressed concerns about how they are valued for business rates. Hotels valuations are undertaken in a different way to some other sectors. The methodology used is well established, but, as with pubs, the government has announced it will review the way hotels are valued to ensure it accurately reflects the rental value for these sectors.
Exchequer Secretary (HM Treasury)
Alison Griffiths
(Conservative - Bognor Regis and Littlehampton)
At the Budget, the VO announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties.
In recognition of the impact of the revaluation on bills, the Government has introduced a support package worth £4.3 billion, to protect against ratepayers seeing large overnight increases in bills.
The Government has also introduced new permanently lower multipliers for eligible RHL properties. These new multipliers are worth nearly £1 billion per year and benefit over 750,000 properties. A regional breakdown of properties in scope can be found here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier.
Amongst all ratepayers, over half see no bill increases in 2026/27, including 23 per cent whose bills go down, due to the government's overall package. This also means most properties seeing increases have them capped at 15 per cent or less in 2026/27, or £800 for the smallest.
Additionally, the government has introduced a 1-year 15 per cent relief for all pubs and live music venues in 2026/27, on top of the existing support package announced at Budget. For the following two years, their bills will then be frozen in real terms. Three-quarters of pubs see bills flat or falling in 2026/27.
We recognise that hotels have expressed concerns about how they are valued for business rates. Hotels valuations are undertaken in a different way to some other sectors. The methodology used is well established, but, as with pubs, the government has announced it will review the way hotels are valued to ensure it accurately reflects the rental value for these sectors.
Exchequer Secretary (HM Treasury)
Alison Griffiths
(Conservative - Bognor Regis and Littlehampton)
At the Budget, the VO announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties.
In recognition of the impact of the revaluation on bills, the Government has introduced a support package worth £4.3 billion, to protect against ratepayers seeing large overnight increases in bills.
The Government has also introduced new permanently lower multipliers for eligible RHL properties. These new multipliers are worth nearly £1 billion per year and benefit over 750,000 properties. A regional breakdown of properties in scope can be found here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier.
Amongst all ratepayers, over half see no bill increases in 2026/27, including 23 per cent whose bills go down, due to the government's overall package. This also means most properties seeing increases have them capped at 15 per cent or less in 2026/27, or £800 for the smallest.
Additionally, the government has introduced a 1-year 15 per cent relief for all pubs and live music venues in 2026/27, on top of the existing support package announced at Budget. For the following two years, their bills will then be frozen in real terms. Three-quarters of pubs see bills flat or falling in 2026/27.
We recognise that hotels have expressed concerns about how they are valued for business rates. Hotels valuations are undertaken in a different way to some other sectors. The methodology used is well established, but, as with pubs, the government has announced it will review the way hotels are valued to ensure it accurately reflects the rental value for these sectors.
Exchequer Secretary (HM Treasury)
The UK is already one of the world’s leading sustainable finance centres, and our focus is how to evolve and expand. The Financial Services Growth and Competitiveness Strategy set out how the government will strengthen the UK to support the domestic and global transition and drive growth across the financial services sector.
We are delivering a number of targeted initiatives, prioritising changes that will make the greatest impact – for example, making the UK Sustainability Reporting Standards available and bringing ESG ratings into the regulatory perimeter. This will boost investor protection and UK competitiveness and allow the UK’s world-leading sustainable finance sector to adapt and continue to develop the innovative products which have propelled the UK’s sustainable finance leadership.
In addition, we are focused on making the UK a global hub for transition finance. This is not only essential for meeting global net-zero goals, but also represents a major opportunity for UK economic growth and investment.
We are still in the early stages of planning for our G20 Presidency. No decisions have been made on structure or topics but we expect a strong focus on growth and resilience, including the G20’s role in addressing vulnerabilities and managing global shocks.
Economic Secretary (HM Treasury)
The UK’s financial promotions regime is designed to ensure that consumers are provided with clear and accurate information that enables them to make appropriate decisions for their individual circumstances. The Financial Conduct Authority (FCA) is responsible for enforcing the regime and can take action against any financial promotions that are illegal or which do not comply with its rules. This includes the promotion of speculative investments via false news stories.
The FCA is taking action to address illegal financial promotions shared online. Last month, the FCA led a week of action against illegal financial influencers, which resulted in one guilty plea, 4 targeted warning letters, 34 warning alerts, and 120 takedown requests to social media platforms.
The FCA has also worked closely with large search engines and social media platforms to ensure that they only allow financial promotions that are made or approved by FCA-authorised firms. In addition, the Online Safety Act requires all user-to-user (such as social media services) and search services to remove illegal content including fraud. Non-compliant services could face a fine of up to a maximum of £18 million or 10% of qualifying worldwide revenue, whichever is higher.
Financial Secretary (HM Treasury)
HMRC continues to support industry, including car retailers, to maximise the use of the facilitations under the Windsor Framework. The UK Internal Market Scheme (UKIMS) can be used by authorised businesses to move eligible goods ‘not at risk’, without payment of duty, if they are brought from Great Britain into Northern Ireland for sale or final use by end consumers in the UK. The Independent Monitoring Panel's November 2025 report confirmed that the vast majority of goods movements to Northern Ireland by value (96%) continue to do so without paying any duty. Where goods are assessed to be 'at risk' but remain outside the EU, HMRC has also recently delivered improvements to the Duty Reimbursement Scheme (DRS) to support businesses, and in particular those affected by upfront duty costs.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. VAT is the UK’s second largest tax, forecast to raise £189 billion in 2026/27.
Hot takeaway food is subject to the 20 per cent standard rate of VAT. This ensures parity of treatment with food sold in restaurants, which is also subject to the standard rate. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
Across the UK from 25 June to 1 September the Government is introducing a temporary reduced rate of VAT on children's menu meals and eligible family attractions.
This temporary VAT relief is focused on activities especially targeted at children and families, keeping the package targeted and affordable. Including takeaways would have significantly increased the cost of the package, and this decision means the Great British Summer Savings is more closely targeted at family days out.
Exchequer Secretary (HM Treasury)
The Government takes the abuse of UK corporate structures by criminal networks extremely seriously. We are strengthening supervision of Trust and Company Service Providers by transferring responsibility to the FCA, alongside Companies House reforms to improve corporate transparency, including stronger powers to query information and new identity verification requirements.
Economic Secretary (HM Treasury)
The Government takes the abuse of UK corporate structures by criminal networks extremely seriously. We are strengthening supervision of Trust and Company Service Providers by transferring responsibility to the FCA, alongside Companies House reforms to improve corporate transparency, including stronger powers to query information and new identity verification requirements.
Economic Secretary (HM Treasury)
The Payment Services (Amendment) Regulations 2024 allows payment service providers to delay the execution of certain payment transactions by an additional 72 hours where there are reasonable grounds to suspect fraud or dishonesty, and where more time is needed to contact the customer. Use of these provisions is a matter for payment service providers and considered on a case-by-case basis.
Under these Regulations, the FCA is the responsible regulator. HMT regularly discusses with the FCA the effectiveness of policy, including measures to tackle fraud and ensure the framework in place supports both strong consumer protection and the efficient functioning of the UK’s payments ecosystem, but does not collect data on it.
Economic Secretary (HM Treasury)
The Payment Services (Amendment) Regulations 2024 allows payment service providers to delay the execution of certain payment transactions by an additional 72 hours where there are reasonable grounds to suspect fraud or dishonesty, and where more time is needed to contact the customer. Use of these provisions is a matter for payment service providers and considered on a case-by-case basis.
Under these Regulations, the FCA is the responsible regulator. HMT regularly discusses with the FCA the effectiveness of policy, including measures to tackle fraud and ensure the framework in place supports both strong consumer protection and the efficient functioning of the UK’s payments ecosystem, but does not collect data on it.
Economic Secretary (HM Treasury)
HM Treasury employees may only request temporary overseas working for personal reasons in very limited circumstances. Such requests are considered on a case-by-case basis, fully taking account of operational requirements and risk.
Any approved arrangements are time‑limited, with employees able to work overseas for up to two weeks at a time and no more than four weeks in any rolling 12‑month period, and always subject to prior senior approval.
Economic Secretary (HM Treasury)
The government does not comment on specific financial market movements. Gilt yields are determined by a wide range of international and domestic factors.
Parliamentary Secretary (HM Treasury)
Headline inflation decreased from 3.3% in March to 2.8% in April, driven mainly by lower household energy bills and a fall in services inflation. Food and non-alcoholic beverage inflation fell from 3.7% in March to 3.0% in April.
The Government has already taken action to reduce the cost of living, including taking £150 off energy bills this year, freezing rail fares and NHS prescription charges, raising the National Living Wage, and extending the £3 bus cap.
Parliamentary Secretary (HM Treasury)
The previous government announced the introduction of CBAM in 2023, in order to protect UK businesses producing carbon intensive goods domestically.
In recent years, UK-based fertiliser manufacturers have received sufficient free allowances to cover their emissions, and therefore have not in practice paid the carbon price.
This means that the CBAM rate, which will be set out later this year will be substantially lower than some external organisations are suggesting.
Exchequer Secretary (HM Treasury)
Low and stable inflation is vital for growth and investment. The independent Monetary Policy Committee (MPC) at the Bank of England are responsible monetary policy, and the MPC has the government’s full support as it acts to return inflation to target sustainably.
The most important thing the government can do to bring down inflation is to get borrowing down and stick to our fiscal rules. We have already reduced borrowing by nearly 1% of GDP in the last year and we are set to reduce borrowing faster than any other G7 country by 2030.
We have also supported the MPC by directly bearing down on prices. Action taken at the Budget will reduce inflation by 0.4ppt in 2026-27, through measures on energy bills, transport costs and fuel duty.
Parliamentary Secretary (HM Treasury)
The government has made fair and necessary choices on tax so it can deliver on the public’s priorities. The UK’s current tax-to-GDP ratio remains in the middle of the pack within the G7.
Whilst the government does not publish forecasts of economic growth, the Office for Budget Responsibility (OBR) published their latest Economic and Fiscal Outlook (EFO) in March 2026, including forecasts for economic growth.
Parliamentary Secretary (HM Treasury)
The Office for National Statistics publishes the “Effects of taxes and benefits on UK household income” report which sets out the level of taxes paid and benefits received by household type and income group. This includes direct and indirect taxes, as well as benefits in cash and in kind, to show their combined effect on household income. The most recent data is from the financial year 2023–24.
Parliamentary Secretary (HM Treasury)
Forecasts are produced independently by the Office for Budget Responsibility (OBR), which incorporates market expectations for gilt yields alongside other determinants of debt interest, including inflation and the stock and composition of government debt.
The OBR’s most recent forecast, including for debt interest costs, are available in the March 2026 Economic and Fiscal Outlook linked here: https://obr.uk/efo/economic-and-fiscal-outlook-march-2026/
Parliamentary Secretary (HM Treasury)
This is a matter for the Financial Ombudsman Service (FOS), which is an independent, non-governmental body.
The FOS will respond to the Noble Lord by letter, and a copy of the letter will be placed in the Library of the House of Lords.
Financial Secretary (HM Treasury)
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
The Ministerial residence was empty and so was furnished from within existing budgets and with value for money in mind. Items are permanently retained by Government. Items purchased came from InStyle Direct. Total expenditure from the Chancellor’s allowance on their official residence is disclosed in the Answer of 29 April 2026 to Question 118203.
Exchequer Secretary (HM Treasury)
Where employers reimburse allowable travel expenses, tax relief is available provided the expenses are wholly, exclusively and necessarily incurred for work purposes.
Ordinarily, employers must hold evidence of the employee’s actual expenditure. However, to reduce administrative burdens on employers, HMRC allows expenses for travel outside the UK to be reimbursed without evidence up to the levels contained within the overseas scale rates.
Where the overseas scale rates do not cover the expense incurred by employees, employers can still reimburse and provide tax relief provided they have appropriate evidence.
The Government keeps all taxes under review as part of the policy‑making process. Any decisions on future changes in this area will be taken in the context of the wider public finances.
Exchequer Secretary (HM Treasury)
Exchequer Secretary (HM Treasury)
The Government cannot direct the Financial Conduct Authority (FCA) regarding the content of its rules.
The Financial Ombudsman Service (FOS) plays an important role in providing quick and informal resolution of complaints between financial services providers and their customers, as an alternative to resolution through the courts. However, the Government recognises that there are some cases where it is appropriate for the FOS to dismiss complaints without consideration of the merits – for example, where it would be more suitable for the complaint to be dealt with by a court or another alternative dispute resolution body.
The FOS and the FCA recently consulted on changes to the rules setting out the grounds for dismissal of complaints, and are considering the responses received.
In relation to complex fraud cases, the consultation notes that these will often be the subject of a criminal investigation, where the relevant authorities have greater legal powers to carry out certain investigations and whose findings may have a direct bearing on any determination made by the FOS. If the FOS were to make a decision before such proceedings conclude, this could result in outcomes that are not fair and reasonable, or could potentially prejudice future legal proceedings.
Financial Secretary (HM Treasury)
The number of such disputes is fewer than five. HMRC are unable to disclosure the exact number as it could risk the identification of individual taxpayer(s).
Arbitration operates as a valuable mechanism under double taxation treaties, to ensure there is route to resolve double taxation where agreement cannot be reached between the relevant tax authorities, providing certainty and finality for taxpayers.
Often resolution can be reached outside of arbitration, which is why the number of arbitration cases are low. For context, for the latest year we have statistics, across 1 January 2023 to 31 December 2023, 348 cases were wholly dealt with under the procedure governing mutual agreement between tax authorities.
Exchequer Secretary (HM Treasury)
The Government has launched a call for input on suspending tariffs on a range of fertilisers, including urea. Businesses and other stakeholders have the opportunity to suggest additional fertiliser products are suspended as part of that call for input, which is due to end on the 24th June.
Exchequer Secretary (HM Treasury)
The government will continue to work with the private sector to unlock the significant increase in private investment required to deliver the full ambition of the 10 Year Infrastructure Strategy and to maximise the value of the extensive public investment underway.
The government has set out the Corporate Tax Roadmap, offering investors certainty and stability by maintaining the elements of the UK's corporate tax offer.
Chief Secretary to the Treasury
HM Treasury has not held discussions with the National Audit Office (NAO) on the use of the Special Administration Regime in the water sector.
Chief Secretary to the Treasury
Ministers, special advisers, and officials in HM Treasury have access to HMT-GPT, our internal AI tool which is built on Claude and ChatGPT, and Copilot, which have been assured to the appropriate security standards and approved for official use.
The use of publicly available or consumer versions of generative AI tools, including those named in the Question, for official business is not permitted. Approved enterprise tools are configured so that departmental data is held securely and is not used to train publicly available AI models.
Economic Secretary (HM Treasury)
I refer the Hon. Member to the answer I gave on 27 April 2026 to UIN 128634.
Exchequer Secretary (HM Treasury)
The salary of the DHSC Permanent Secretary was approved in line with the senior pay control process.
Chief Secretary to the Treasury
A response to the letter of 2 March 2026 from the hon. Member for North Herefordshire was issued on 3 June 2026.
Exchequer Secretary (HM Treasury)
The Government has extended Small Business Rates Relief to support small businesses to grow and expand, by giving them an additional two years of Small Business Rates Relief when they open a second premises. SMEs in rural areas may also be eligible for Rural Rates Relief if they meet certain conditions.
At £90,000, the UK has a higher VAT registration threshold than any EU country and the joint highest in the OECD. This means the majority of UK businesses are not in the VAT system at all. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
Local Authorities are responsible for the administration of business rates, including billing, enforcement and decisions with regards the awarding of business rates reliefs, in line with legislation and guidance issued by the Government. Under the Business Rates Retention system, local authorities retain a share of rates collected locally to fund local services. The remaining share of rates is paid to central government as central share and is used by central government in its entirety to fund the local government sector.
Exchequer Secretary (HM Treasury)
The Government has taken a number of fair and necessary decisions on tax, welfare, and spending to fix the public finances and fund public services. One of these decisions, taken at Autumn Budget 2024, was to increase the rate of employer National Insurance contributions (NICs) whilst reducing the per-employee threshold at which employers start to pay NICs.
Businesses are able to claim employer NICs reliefs including those for under-21s and under-25 apprentices. This means employers pay no employer NICs for apprentices under 25 or employees under 21 on earnings up to £50,270. These reliefs are estimated to have been worth around £2.5 billion in 2025/26.
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer; the economic impacts of the policy; and the impacts on individuals, businesses and civil society organisations, as well as an overview of the equality impacts.
Estimates of the impact on employment levels on certain sectors in Lancashire and the Fylde constituency, from changes to Employer NICs announced at Autumn Budget 2024, are not available.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Government has already taken action to help reduce the cost of living by announcing that it is suspending tariffs on food to bring down prices for consumers. An initial list was published on 20 May for implementation on 21 June. A call for input opened on 27 May and is due to close on 24 June, to get views from businesses and other stakeholders on a second package of tariff suspensions.
Consumer price inflation (CPI) for food and non-alcoholic beverages fell from 3.7% in March to 3% in April.
Exchequer Secretary (HM Treasury)
The High Value Council Tax Surcharge applies to less than 1% of properties across England. To support those who may struggle to pay, including pensioners on low disposable incomes, the Government proposes that those with household incomes below £35,000 or savings of less than £16,000 will be able to defer, alongside people who meet certain disability criteria. We welcome views on this as part of the High Value Council Tax Surcharge consultation High Value Council Tax Surcharge - GOV.UK
Exchequer Secretary (HM Treasury)
Fewer than 1% of all properties across England will be affected by the High Value Council Tax surcharge. The Valuation Office will undertake a targeted valuation exercise to identify properties within scope.
Exchequer Secretary (HM Treasury)
The Valuation Office will undertake a targeted valuation exercise to identify properties within scope of the High Value Council Tax Surcharge. Professional valuers will use the best available information, drawing on a range of data sources and applying industry‑standard valuation techniques to ensure that assessments are as accurate as possible.
Exchequer Secretary (HM Treasury)
The Government wishes to encourage pension saving, to help ensure that people have an incomethroughout retirement. This is why, for the majority of savers, pension contributions are tax-free. This makes pensions tax relief one of the most expensive reliefs in the personal tax system, costing £78.2 billion in 2023/24.
The Government recognises the importance of promoting confidence in pension saving and is committed to ensuring future generations of pensioners have security in retirement. This is why the government announced a landmark two-phased review of the pensions system days after coming into office. The first phase, the Pensions Investment Review, focused on reforming the pensions landscape to boost savers’ pension pots. These reforms have been enacted through the Pension Schemes Act 2026. The second phase – the independent Pensions Commission – is building on these foundations and will make recommendations to the government on the broader questions of adequacy, fairness, and sustainability to guide the long-term future of our pensions system.
Parliamentary Secretary (HM Treasury)
The Chancellor and the Governor of the Bank of England meet regularly to discuss economic developments. There are also regular discussions between the Bank of England and the Treasury on the drivers of inflation at official level.
Parliamentary Secretary (HM Treasury)
The Government has already legislated to abolish the Lifetime Allowance from 6 April 2024 and has brought forward a number of regulations to ensure the legislation operates as intended.
Most recently, the Pensions (Abolition of Lifetime Allowance Charge etc.) Regulations 2026 were laid before the House on Monday using the made affirmative procedure. These Regulations will be brought before the House for parliamentary scrutiny prior to coming into force at the end of this month.
The Government has used its regulation-making powers to address technical and consequential issues arising from the abolition of the Lifetime Allowance, ensuring the tax framework functions as intended. The existing power to make further consequential regulations expires at the end of this month.
Parliamentary Secretary (HM Treasury)
The Office for Budget Responsibility (OBR) is the Government’s independent official forecaster and is responsible for producing economic and fiscal forecasts.
The OBR has included assessments of the economic impacts of leaving the EU in its forecasts since 2016. In March 2020 the OBR estimated that GDP will be 4% lower in the long run than it would have been had the UK not withdrawn from the EU. As of the Spring Forecast 2026, the OBR’s assumptions were unchanged from its previous assessment.
The OBR is required to produce a Forecast Evaluation Report (FER) each year under the Budget Responsibility and National Audit Act (2011). The OBR is required to explain the reasons for divergence between its forecasts and subsequent outturns, to support future forecast improvements. The OBR’s latest FER was published in June 2026 and can be found on its website.
Parliamentary Secretary (HM Treasury)
At a time of great global uncertainty, we must deepen our relationships with allies whose values we share and whose interests are tied to our own. This is why we will pursue a closer relationship with the EU where it is in our national interest to do so.
The Government is committed to providing appropriate analysis of any agreement that ius made with the EU. The Government estimates that the Sanitary and Phytosanitary Agreement (SPS) and Emissions Trade Scheme Linking (ETS) will add up to £9 billion to the UK economy by 2040.
The 2025 UK-EU Common Understanding sets out that the SPS, ETS and electricity agreements will include appropriate financial contributions.
Parliamentary Secretary (HM Treasury)