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
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Green Party
Ellie Chowns (Green - North Herefordshire)Green Spokesperson (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)
Lord Altrincham (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
Emma Reynolds (Lab - Wycombe)Chief Secretary to the Treasury
James Murray (LAB - Ealing North)
Financial Secretary to the Treasury and Paymaster General
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
Lord Pitt-Watson (Lab - Life peer)
Parliamentary Secretary (HM Treasury)
Written Statements
12:00
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask His Majesty's Government what assessment they have made of the implications for electricity prices in Northern Ireland of …
These Regulations amend Schedule 20 to the Finance Act 2026, which sets out exceptions from the requirement for tax advisers …
A Bill to authorise the use of resources for the year ending with 31 March 2027; to authorise both the …
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 authorise the use of resources for the year ending with 31 March 2027; 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 2026.
This Bill received Royal Assent on 15th July 2026 and was enacted into law.
A Bill to Increase the rate of electricity generator levy and mileage amounts relating to income tax and to provide for temporary rates of vehicle excise duty for goods vehicles.
This Bill received Royal Assent on 15th July 2026 and was enacted into law.
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).
(3,387 in the last 7 days)
(459 in the last 7 days)
(142 in the last 7 days)
(142 in the last 7 days)
(88 in the last 7 days)
(3,387 in the last 7 days)
(16 in the last 7 days)
(142 in the last 7 days)
(142 in the last 7 days)
(35 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 1 year, 1 month 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, 2 months 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
Introduce new tax code for state pensioners with double the personal allowance
Gov Responded - 9 Dec 2025closed 4 months ago
We want the government to introduce a new tax code for state pensioners, set at double the basic threshold. If this was implemented, pensioners would receive a higher tax-exempt limit, but wealthier pensioners would still pay tax.
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 22nd June 2026
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The number of individual income taxpayers over State Pension Age can be seen in the table below[1]:
Tax year | Number of individual Income Taxpayers over State Pension Age |
2023 to 2024 | 8,160 |
2024 to 2025* | 8,780 |
2025 to 2026* | 9,080 |
2026 to 2027* | 9,580 |
*Projected estimates based on the 2023 to 2024 Survey of Personal Incomes using economic assumptions consistent with the OBR’s March 2026 Economic and Fiscal Outlook for the forecast period. | |
The previous Conservative Government made the decision to maintain income tax thresholds at their current levels from April 2021 until April 2028 and this is reflected in the numbers.
The current Government has set out that individuals whose only income is the basic or new State Pension, without increments, will not pay income tax over this Parliament. Further details on this will follow.
[1] Income Tax liabilities statistics: tax year 2022 to 2023 to tax year 2025 to 2026 - GOV.UK
Parliamentary Secretary (HM Treasury)
The Government has announced a cut in VAT on electricity bills to give millions of households breathing space on the cost of living.
These changes to VAT apply and are funded for this winter (from 1 October 2026 to 31 March 2027).
Any further decisions will be taken at the Budget alongside an OBR forecast, and will be consistent with the Government’s fiscal rules.
Parliamentary Secretary (HM Treasury)
The Government has announced a cut in VAT on electricity bills to give millions of households breathing space on the cost of living.
These changes to VAT apply and are funded for this winter (from 1 October 2026 to 31 March 2027).
Any further decisions will be taken at the Budget alongside an OBR forecast, and will be consistent with the Government’s fiscal rules.
Parliamentary Secretary (HM Treasury)
I refer the Noble Lord to the answer given on 5th August 2026 to UIN HL2396.
Parliamentary Secretary (HM Treasury)
The Government has announced a cut in VAT on electricity bills to give millions of households breathing space on the cost of living. These changes to VAT apply and are funded for this winter (from 1 October 2026 to 31 March 2027).
The Windsor Framework provides the legal basis and mechanism for changes to VAT on goods in Northern Ireland, and the Government has begun discussions about with the European Union on applying this mechanism for these changes.
To ensure that households in Northern Ireland receive the same support as quickly as the rest of the UK, the Northern Ireland Executive will receive comparable funding to enable it to support households in Northern Ireland with the cost of living this winter.
Parliamentary Secretary (HM Treasury)
The revenue implications of the English levy will largely be determined by local decisions. Local leaders will decide whether to implement a levy and, if so, consult with local businesses and their communities on specific proposals.
Parliamentary Secretary (HM Treasury)
As announced at Autumn Budget 2025, Electric Vehicle Excise Duty (eVED) will be introduced from April 2028. Drivers of electric and plug-in hybrid cars will pay for their mileage alongside their existing Vehicle Excise Duty (VED).
The Government has carefully considered the impact of eVED on rural motorists, disabled motorists and those without access to off-street charging. The Government has confirmed eVED should apply to these groups on a consistent basis, as it is designed to mirror the contribution made by drivers of petrol and diesel vehicles through fuel duty, from which these groups are not exempt.
While those living in rural areas tend to drive more than those in urban areas, they are also significantly more likely to have access to lower-cost home charging. According to 2025 Department for Transport survey data, 84% of rural electric vehicle drivers have access to a dedicated home charger.
Support for disabled motorists continues to be available through existing schemes. Individuals in receipt of the higher rate mobility component of disability benefits, including Personal Independence Payment (PIP), qualify for a VED exemption. A 50 per cent reduction in VED is also available to those in receipt of the standard rate mobility component of disability benefits.
Parliamentary Secretary (HM Treasury)
New multipliers for retail, hospitality, and leisure (RHL) were announced at Budget 2024. Government has been clear that the intention was for their scope to broadly reflect the scope of the RHL relief, which was centred around RHL properties that are “reasonably accessible to visiting members of the public”. As recording studios are not generally open to members of the public, they were unlikely to be receiving RHL relief.
In recognition of the impact of the 2026 revaluation on bills, the Government introduced a support package worth £4.3 billion at Budget 2025 to protect ratepayers against large overnight increases in bills. Additionally, many recording studios are also likely to benefit from Small Business Rates Relief (SBRR). SBRR is available to businesses with a single property below a set rateable value. Eligible properties under £12,000 receive 100 per cent relief, which means around a third of properties in England pay no business rates at all. Tapered support is available to properties valued between £12,000 and £15,000.
Parliamentary Secretary (HM Treasury)
The Government does not comment on tax speculation. Decisions on tax policy are taken by the Chancellor at the Budget.
Parliamentary Secretary (HM Treasury)
Decisions on taxes are taken at the Budget by the Chancellor.
Tax changes announced at Budget are accompanied by a Tax Information and Impact Note which sets out the expected revenue impact.
Parliamentary Secretary (HM Treasury)
The Government remains committed to its manifesto which pledged to protect working people by not increasing rates of income tax.
HM Revenue and Customs regularly publishes estimates of the effects of illustrative tax changes on tax receipts. The most recent update from June 2025, is available at: https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes
Parliamentary Secretary (HM Treasury)
The government believes that the safe adoption of artificial intelligence (AI) by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. As set out in the Financial Services Growth and Competitiveness Strategy, it is the government’s ambition to make the UK ”the world’s most technologically advanced global financial sector”, leveraging our dual strengths in Financial Services (FS) and AI to drive growth and productivity, and deliver consumer benefits.
The FS AI Adoption Plan, authored by the FS AI Champions, Harriet Rees and Rohit Dhawan, is an important step towards achieving that aim, and sets out the next steps for industry, regulators, and government to grasp the opportunities for safe adoption of AI in FS.
The government works closely with the Financial Conduct Authority, the Prudential Regulation Authority, and the AI Safety Institute to monitor developments in AI capability and access across the sector.
The government is aware that access constraints may arise for a number of reasons, however it is not currently concerned about the availability of frontier models for UK FS firms.
The government will continue to monitor this issue and will consider what further steps may be necessary to ensure that the UK financial services sector can access the AI capabilities it needs to remain globally competitive. We are also supporting the UK’s own sovereign AI capabilities through the Sovereign AI Unit backed by £500mn of funding.
Parliamentary Secretary (HM Treasury)
The new hub building in Darlington is being delivered by the Government Property Agency and is currently under construction. Once complete in early 2028, it will be the home of more than 1600 civil servants from across multiple departments, including HM Treasury.
HM Treasury’s commitment to at least 335 staff being based in Darlington remains in place, as does the commitment to Darlington being HMT’s second headquarters.
Parliamentary Secretary (HM Treasury)
The government recognises the vital contribution that the UK defence sector makes to national security and has been clear that investing in defence can be consistent with ethical investing and environmental, social and governance principles.
Last year the government laid secondary legislation to bring the provision of Environmental, Social and Governance ratings into scope of the FCA’s rule making powers. This will allow provide greater transparency around ESG ratings methodologies, support greater investor awareness – including for opportunities relating to defence companies.
The upcoming Defence Finance and Investment Strategy will look at how barriers to investment in defence can be removed while making the sector more attractive for private investment, including venture capital, private equity and pension funds.
Parliamentary Secretary (HM Treasury)
Working closely with the Bank of England, the Financial Conduct Authority and other relevant bodies, the Government continues to monitor the opportunities and risks associated with the increasing use of artificial intelligence (AI) technology across the economy.
The Government's current view is that the existing regulatory framework is well placed to manage the evolving risks associated with AI, while supporting innovation and growth. Firms remain responsible for managing the risks arising from their activities, including the use of AI systems, and insurers continue to assess and price risks in accordance with existing legal and regulatory requirements.
The safe adoption of AI by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. As set out in the government’s Financial Services Growth and Competitiveness Strategy, the ambition is to make the UK ”the world’s most technologically advanced global financial sector”, leveraging the UK’s dual strengths in FS and AI to drive growth, productivity, and so deliver customer benefit.
Parliamentary Secretary (HM Treasury)
The Government’s ambition is to make the UK a global leader in AI. Encouraging safe adoption is an essential part of realising that ambition. We will continue to work closely with regulators and industry to ensure innovation proceeds safely and responsibly and that any risks to financial markets are identified and mitigated.
In particular, the Bank of England’s Financial Policy Committee (FPC) is responsible for identifying, monitoring and taking action to remove or reduce systemic risks to the UK financial system. The FPC’s April 2025 Financial Stability in Focus publication set out potential risks to financial stability that could result from increasing AI use, including market related risks, and their response to these.
Parliamentary Secretary (HM Treasury)
HM Treasury does not hold a copy of this book.
Parliamentary Secretary (HM Treasury)
The referral mechanism in the Financial Services and Markets Bill is designed to ensure consistent application of the standards set by the Financial Conduct Authority (FCA) in Financial Ombudsman Service (FOS) determinations. It will support the efficient resolution of complex complaints where the FOS considers there is ambiguity in a relevant FCA rule and that is relevant to its determination of a complaint, while preserving the FOS’s ability to resolve the vast majority of complaints without making a referral.
The exact number of referrals will depend on the issues which arise in FOS casework and the extent to which it considers these raise ambiguity or wider implications for financial services firms and consumers. The Government expects that there may be relatively more referrals initially, which will then reduce as clarifications are provided by the FCA – with only a very small proportion of cases being referred even in the early stages.
To prepare for the changes, the FCA and the FOS are operating a trial version of the referral mechanism, which is limited to issues with wider implications. Since July 2025, when they updated their Memorandum of Understanding to agree the trial version, the FOS has made three referrals to the FCA. While the Government would expect more referrals once the new framework covering ambiguity is in place, this supports an assessment that overall volumes will be manageable.
The Bill allows HM Treasury to specify further conditions that must be met for the FOS to make a referral through a statutory instrument. This will allow the Government to address any potential issues that arise during implementation, including making sure that the volume of referrals remains reasonable and supports efficient resolution of cases.
The Bill provides for HM Treasury to set in regulations a timeframe for the FCA to respond to a referral to avoid unnecessary delays. The Government’s consultation response, published on 16 March 2026, confirms its intention is to set this timeframe at 30 days in most cases.
Parliamentary Secretary (HM Treasury)
The Office for Budget Responsibility (OBR) is the Government's official forecaster responsible for assessing the UK economic and fiscal outlook. Its annual publication the Fiscal Risks and Sustainability (FRS) report incorporates biennial long-term projections
The OBR has noted that demographic change can affect future spending and revenues, including the pressures that demographic changes create on state pension spending
The Government keeps these issues under review as part of its wider consideration of the public finances. In July 2025, the Government announced the launch of the Third State Pension age review to consider whether the rules around pensionable age are appropriate, based on the latest life expectancy data and other evidence. The review is ongoing.
Parliamentary Secretary (HM Treasury)
The legislated timetable for the State Pension age to rise to 68 is between 2044 and 2046. The previous government publicly committed to raising the State Pension age to 68 between 2037 and 2039, and the OBR has reflected that position since 2018
In July 2025, the government announced the launch of the third review of the State Pension age, which is required by legislation. This statutory review is considering whether the rules around pensionable age are appropriate, taking into account latest life expectancy data and other relevant factors and evidence. This review is ongoing. The Government cannot pre-empt the outcome of the State Pension age Review.
Parliamentary Secretary (HM Treasury)
At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of a visitor levy. The consultation has now closed, and a response will be published in due course. The Government has engaged with businesses in the tourism sector throughout this process, including through in-person discussions.
Parliamentary Secretary (HM Treasury)
The table below shows the number of P85 forms submitted to HMRC electronically from June 2024 to May 2026:
Month | P85 iForms |
June 2024 | 3,400 |
July 2024 | 3,900 |
August 2024 | 4,300 |
September 2024 | [x] |
October 2024 | 5,800 |
November 2024 | 3,400 |
December 2024 | 5,000 |
January 2025 | 6,400 |
February 2025 | 4,900 |
March 2025 | 5,500 |
April 2025 | 5,300 |
May 2025 | 4,500 |
June 2025 | 4,500 |
July 2025 | 4,900 |
August 2025 | 5,200 |
September 2025 | 6,300 |
October 2025 | 6,700 |
November 2025 | 6,500 |
December 2025 | 5,800 |
January 2026 | 7,800 |
February 2026 | 6,300 |
March 2026 | 6,600 |
April 2026 | [x] |
May 2026 | 5,100 |
Figures are rounded to 100. Counts of submitted P85 forms in September 2024 and April 2026 are labelled as [x] due to incomplete data.
Individuals can use the online system to submit a digital P85 or fill in a paper form and submit it by post. The counts provided in the table above are for digital forms only. Postal form data for this period is not available. Data for June 2026 is not yet available.
P85 forms are submitted by taxpayers who are not intending to submit a self-assessment tax return. Individuals who file through Self-Assessment do not need to submit a P85 form.
Parliamentary Secretary (HM Treasury)
The UK and EU are committed to building a closer relationship and are negotiating agreements that will boost trade, enhance energy security and create opportunities for young people. The government takes all its international partnerships seriously and will ensure that UK-EU agreements are consistent with the UK’s wider international obligations.
Parliamentary Secretary (HM Treasury)
Lord Taylor of Warwick
(Non-affiliated - Life peer)
The FCA is operationally independent of government, and as such the government has not made an assessment of its use of artificial intelligence (AI). The FCA is accountable to the government and Parliament for the exercise of its functions.
The government is committed to the safe and responsible adoption of AI across the economy, and welcomes regulators considering how they can use AI in a way that improves efficiency, while keeping human judgement central to decision-making.
Parliamentary Secretary (HM Treasury)
The Government introduced a temporary windfall tax, the Energy Profits Levy (EPL), on extraordinary profits from oil and gas companies in 2022. The EPL currently levies 38% tax on profits in addition to the 40% rate of tax in the permanent fiscal regime
The EPL will come to an end either on 31 March 2030 or earlier if the Energy Security Investment Mechanism (ESIM) triggers, and will be replaced by the permanent Oil and Gas Revenue Levy (OGRL) which will become a permanent feature of the tax system and operate only in times of high prices to ensure oil and gas companies continue to pay their fair share of tax.
Parliamentary Secretary (HM Treasury)
Decisions on tax policy are taken by the Chancellor at fiscal events.
Parliamentary Secretary (HM Treasury)
The Government has made fair and necessary choices on tax so it can deliver on the public’s priorities. Everyone is being asked to contribute to support these goals, but the Government is keeping the contribution from working people as low as possible by ensuring the wealthiest contribute more.
Parliamentary Secretary (HM Treasury)
Defence will deliver £10.7 billion of efficiencies and savings over the Parliament, including through a reshaped civilian workforce, accelerated use of AI, £1 billion of savings from reduced reliance on consultancies, and rationalisation of the MOD estate. This will be underpinned by a £500m Transformation Fund to deliver productivity improving investments in AI and workforce transformation
The plan will be subject to an annual update to Parliament before summer recess, audited by the NAO, with the first update due by July 2027.
A further breakdown of the Defence Reform and Efficiency Plan can be found on page 73 of the Defence Investment Plan, available on the government website.
Parliamentary Secretary (HM Treasury)
The Defence Investment Plan allocates a further £15 billion to defence spending over the next four years, funded by reprioritising public spending, with £10.3 billion already identified and a further £4.7 billion to be confirmed at Budget 2026 in a fair and balanced way. This brings total defence spending to almost £300 billion over the next four years and by 2027-28, the UK will spend 2.7% of Gross Domestic Product (GDP) on core NATO defence spending.
The Government has committed to increasing defence spending to 3% of GDP in the next Parliament, with funding and plans to be set out in due course.
Parliamentary Secretary (HM Treasury)
The Defence Investment Plan allocates a further £15 billion to defence spending over the next four years, funded by reprioritising public spending, with £10.3 billion already identified and a further £4.7 billion to be confirmed at Budget 2026 in a fair and balanced way.
A Defence Investment Plan Funding Explainer can be found on the government website.
Parliamentary Secretary (HM Treasury)
Real household disposable income (RHDI) is reported by the ONS as part of the UK Economic Accounts, available here: UK Economic Accounts - Office for National Statistics. Due to quarterly volatility, RHDI per capita is best suited to annual comparisons. The previous response noted that RHDI per capita was £26,159 in 2019 (Q1 2019 to Q4 2019), compared to £26,187 in the year to Q1 2026 (Q2 2025 to Q1 2026).
The quarterly data is provided in the table below:
Quarter | RHDI per capita |
Q1 2016 | 6,336 |
Q2 2016 | 6,340 |
Q3 2016 | 6,286 |
Q4 2016 | 6,235 |
Q1 2017 | 6,208 |
Q2 2017 | 6,347 |
Q3 2017 | 6,359 |
Q4 2017 | 6,381 |
Q1 2018 | 6,424 |
Q2 2018 | 6,374 |
Q3 2018 | 6,389 |
Q4 2018 | 6,475 |
Q1 2019 | 6,459 |
Q2 2019 | 6,542 |
Q3 2019 | 6,554 |
Q4 2019 | 6,604 |
Q1 2020 | 6,488 |
Q2 2020 | 6,368 |
Q3 2020 | 6,540 |
Q4 2020 | 6,562 |
Q1 2021 | 6,618 |
Q2 2021 | 6,634 |
Q3 2021 | 6,577 |
Q4 2021 | 6,449 |
Q1 2022 | 6,465 |
Q2 2022 | 6,311 |
Q3 2022 | 6,299 |
Q4 2022 | 6,386 |
Q1 2023 | 6,305 |
Q2 2023 | 6,363 |
Q3 2023 | 6,338 |
Q4 2023 | 6,356 |
Q1 2024 | 6,448 |
Q2 2024 | 6,455 |
Q3 2024 | 6,559 |
Q4 2024 | 6,649 |
Q1 2025 | 6,610 |
Q2 2025 | 6,562 |
Q3 2025 | 6,513 |
Q4 2025 | 6,584 |
Q1 2026 | 6,529 |
Notes on the data: RHDI per capita is calculated by dividing real household disposable income (ONS variable NRJR) by total population (ONS variable EBAQ).
Parliamentary Secretary (HM Treasury)
Inheritance tax is due at the end of the sixth month after the date of death. After this point, late payment interest will begin to accrue on the outstanding tax. The Government has no plans to change the existing, longstanding deadlines.
The most recent Family Court Statistics Bulletin published by the Ministry of Justice shows that probate grants took approximately 5 weeks to be issued after the application was submitted during January to March 2026.
Parliamentary Secretary (HM Treasury)
Lord Weir of Ballyholme
(Democratic Unionist Party - Life peer)
There are no duty free allowances between any member state of the EU and Northern Ireland. Travellers can bring in for their personal use an unlimited quantity of goods from any EU member state into Northern Ireland without paying UK duties and taxes on arrival.
For goods brought into Great Britain from a member state of the EU by a traveller for their personal use, duty free allowances apply.
Parliamentary Secretary (HM Treasury)
Lord Weir of Ballyholme
(Democratic Unionist Party - Life peer)
There have been no changes to duty free allowances between the Netherlands and Northern Ireland.
Parliamentary Secretary (HM Treasury)
Lord Weir of Ballyholme
(Democratic Unionist Party - Life peer)
Duty free allowances do not apply for travellers from the EU arriving in Northern Ireland. The enforcement controls required at the border to facilitate such allowances would run counter to the shared ambitions of the UK and the EU set out in the Windsor Framework and the principle of the frictionless movement of people and goods between Northern Ireland and Ireland.
Travellers from the Netherlands to Northern Ireland are not treated differently to travellers arriving in Northern Ireland from any other member state.
Travellers can bring in for their personal use an unlimited quantity of goods from any EU member state into Northern Ireland without paying UK duties and taxes on arrival.
Parliamentary Secretary (HM Treasury)
HMRC does not have any desks or civil servants assigned to 1 Horse Guards Road.
Parliamentary Secretary (HM Treasury)
The Government does not comment on tax speculation outside of fiscal events. The Government keeps the tax system under review, and decisions on tax policy are taken by the Chancellor at a fiscal event.
Parliamentary Secretary (HM Treasury)
Qualifying locomotives for passenger and freight trains, and rail maintenance vehicles can use red diesel for propulsion. The Treasury does not hold information on the cost of rebated fuel used specifically by train operators.
To assist the Noble Lord, I can point to the most relevant published statistics available. HMRC’s non-structural tax reliefs publication sets out the overall estimated Exchequer cost of the rebate for red diesel (and kerosene used as fuel in an engine), while DESNZ’s Digest of UK Energy Statistics provides data on petroleum products consumed by the rail sector.
Although these publications do not provide a separate official estimate for train operators, they provide the best available published information on the overall cost of the relief and the scale of rail-sector fuel use.
Parliamentary Secretary (HM Treasury)
HMRC’s published statistics on the cost of tax reliefs[1] provide an estimate of the cost of the VAT Zero Rate for domestic passenger transport of £5.8 billion in 2025-26. This includes other public transport such as buses; a breakdown for rail fares is not available.
Parliamentary Secretary (HM Treasury)
The Government is committed to minimising the impact of the EU’s removal of its low value import (LVI) relief for businesses and consumers in Northern Ireland.
LVIs that are considered ‘not at risk’ will not face the new EU customs duty on LVI goods. As a result of the Windsor Framework arrangements, we estimate that c.99% of parcel movements into Northern Ireland, including low value imports, fall into this ‘not at risk’ category.
A small number of LVIs may be considered ‘at risk’ and subject to the applicable rate of EU duty. This will include business to consumer parcels that are not eligible to move under the UK Carrier Scheme, such as goods subject to sanctions, and business parcels that are not eligible to benefit from the UK Internal Market Scheme. In these cases, businesses can continue to claim waivers or reliefs through the usual means.
The processes for moving goods into Northern Ireland and the facilitations under the Windsor Framework are unaffected by the EU’s change to Low Value Imports.
Parliamentary Secretary (HM Treasury)
There are occasions where the Government will trail and/or announce policy ahead of a Budget to provide context and help the public understand major fiscal events.
Consistent with the Macpherson Principles, the Civil Service Code, The Ministerial Code and the Special Advisers’ Code, any such communications are tightly controlled, respect Parliament, and protect market sensitive information.
Parliamentary Secretary (HM Treasury)
As outlined in the written ministerial statement (HLWS1491) on 27 March 2026, we appointed Sir Jim Harra, former HMRC First Permanent Secretary, to take over as Chief Executive of NS&I on an interim basis, to provide a fresh start for NS&I’s next phase of development.
NS&I is also part-way through delivering its Business Transformation Programme which aims to modernise NS&I’s operations and systems. NS&I and HMT will consider the lessons learned from this operational error, alongside those identified by the National Audit Office and Public Accounts Committee on programme delivery, to strengthen how NS&I works with its outsourced delivery partners going forward.
Parliamentary Secretary (HM Treasury)
The Office for Budget Responsibility’s Fiscal Risks and Sustainability Report (FRS) 2026 confirms the need to boost growth and maintain sustainable public finances. A written ministerial statement (HLWS199) was published on 7 July alongside the publication of the FRS, setting out the actions the government is taking to reduce the deficit and ensure long-term sustainability.[1]
[1] Fiscal Risks and Sustainability Report 2026 – Written Ministerial Statement, UK Parliament, 7th July 2026.
Parliamentary Secretary (HM Treasury)
The government has already started reforming the Business Rates system. At Budget, the government introduced new permanently lower multipliers for eligible retail, hospitality and leisure properties. These new multipliers are worth nearly £1 billion per year and benefit over 750,000 properties.
The government is paying for this through a high-value multiplier on the top one per cent of most expensive properties. This includes many large distribution warehouses, such as those used by online giants. The high-value multiplier is 33 per cent more than the multiplier for small RHL properties.
This is in addition to the support package, worth £4.3 billion, that the government introduced at Budget to protect ratepayers seeing large overnight increases in bills. As a result, over half of ratepayers see no bill increases in 2026/27, including 23 per cent whose bills go down
In addition, the government has announced that pubs, clubs and live music venues will benefit from 20% relief from April 2027 on top of the 15% relief and 2-year real-terms freeze in bills announced earlier this year.
Regarding a tax levied on online sales, while tax policy is kept under review, evidence received from a consultation in spring 2022 under the previous Government on the case for an Online Sales Tax suggested that such a tax would have been extremely complex to design and implement and create undue administrative burden for businesses. This included challenges of defining the boundaries between online and in-store retail, including ‘Click and Collect’ orders. Stakeholders also expected it would lead to higher prices for consumers.
Parliamentary Secretary (HM Treasury)
On 26 March 2026, the Minister for Pensions confirmed to Parliament that NS&I had identified an issue where the estates of deceased customers were not always repaid money from all of their accounts following a bereavement claim. These errors happened because the search process used when handling a bereavement claim failed to identify all NS&I products. The issue has been resolved for current and new bereavement claims and robust measures have been introduced to ensure this does not happen again.
Working with external consultants, NS&I reviewed 34 million customer records to identify its tracing issue. On 19 May 2026, the Minister for Pensions updated Parliament that the remediation population was estimated at up to 34,000 cases with a total value of £367 million. HM Treasury is working closely with NS&I to progress the remediation scheme, which is planned to conclude by mid-2027.
NS&I published a delivery plan that it will follow to ensure proactive, timely contact and will publish an update on progress against this plan on a quarterly basis.
NS&I announced it would seek to proactively reunite estates with combined deposits or holdings of £10 or more, providing compensatory interest of at least the Bank of England plus one percentage point rate, or any higher contractual interest accrued under the products’ terms and conditions, in line with Financial Ombudsman Service guidance.
Parliamentary Secretary (HM Treasury)
The current UK property taxes are an important source of revenue for both the Exchequer and Local Authorities. They raise over £75 billion each year to help pay for essential public services. Any reforms to the property tax system would need to carefully consider positive or negative implications for the Exchequer, Local Government finances, taxpayers and the wider economy. The government keeps all taxes under review.
Parliamentary Secretary (HM Treasury)
Local Authorities already retain a significant share of business rates income. At Autumn Budget 2025, the government extended existing 100% business rates retention pilots in Cornwall, the West of England, and Liverpool City Region for a further three years, to 2028-29. The government is also developing further proposals for fiscal devolution for Mayoral Strategic Authorities. Further details will be set out through the fiscal devolution roadmap at Autumn Budget 2026.
Parliamentary Secretary (HM Treasury)
The Office for Budget Responsibility’s Fiscal Risks and Sustainability Report (FRS) 2026 confirms the need to boost growth and maintain sustainable public finances. A written ministerial statement (HLWS199) was published on 7 July alongside the publication of the FRS, setting out the actions the government is taking to reduce the deficit and ensure long-term sustainability.[1]
[1] https://questions-statements.parliament.uk/written-statements/detail/2026-07-07/hlws199 UK Parliament, 7 July 2026.
Parliamentary Secretary (HM Treasury)
As set out in the Defence Investment Plan, the UK and France stand ready to deploy the wider Multinational Military Mission to support freedom of navigation in the Strait of Hormuz.
Chief Secretary to the Treasury