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 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.
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.
Introduce new tax code for state pensioners with double the personal allowance
Gov Responded - 9 Dec 2025We 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.
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.
As I set out in my answer to HL3749, the main rates of Capital Gains Tax (CGT) in the UK are 18% for basic rate taxpayers and 24% for higher rate taxpayers.
The Government is not responsible for the provision of information to Parliament in respect of CGT rates in other countries. When seeking to draw comparisons it is important to recognise that headline tax rates sit alongside other aspects of the relevant countries’ regimes.
The Government has provided targeted support to the hospitality sector, including a £4.3 billion business rates support package and the introduction of permanently lower multipliers for eligible retail, hospitality and leisure properties. These measures provide almost £1 billion of support each year and benefit more than 750,000 properties.
The Employment Allowance has also been increased to £10,500, meaning around 900,000 employers will have no employer National Insurance liability, while businesses can benefit from targeted reliefs that support the employment of young people.
The UK’s Carbon Border Adjustment Mechanism (CBAM) will come into force on 1 January 2027 as planned.
The Government has conducted an evaluation of the 2023 Alcohol Duty reforms, in line with the commitment to do so three years on from their implementation. At Budget 2026, following the collection and review of evidence, HMRC and HM Treasury published a report on its findings. This report is available on the gov.uk website.
The Alcohol Duty evaluation report shows that the reforms have encouraged producers to innovate, reformulate, and meet the demand for lower-strength products.
Alongside the introduction of the 2023 reforms, a temporary easement was put in place for wine importers and producers to help manage the transition to the new method of calculating the duty on their products. The impact of the wine easement was not reviewed as part of the Alcohol Duty evaluation as it was a temporary measure.
The 8.5% ABV limit ensures that Small Producers Relief is targeted at lower-strength products. This is line with the principle underpinning the 2023 Alcohol Duty reforms that stronger alcoholic products should pay more duty.
The Government has conducted an evaluation of the 2023 Alcohol Duty reforms, in line with the commitment to do so three years on from their implementation. At Budget 2026, following the collection and review of evidence, HMRC and HM Treasury published a report on its findings. This report is available on the gov.uk website.
The Alcohol Duty evaluation report shows that the reforms have encouraged producers to innovate, reformulate, and meet the demand for lower-strength products.
Alongside the introduction of the 2023 reforms, a temporary easement was put in place for wine importers and producers to help manage the transition to the new method of calculating the duty on their products. The impact of the wine easement was not reviewed as part of the Alcohol Duty evaluation as it was a temporary measure.
The 8.5% ABV limit ensures that Small Producers Relief is targeted at lower-strength products. This is line with the principle underpinning the 2023 Alcohol Duty reforms that stronger alcoholic products should pay more duty.
The Government has conducted an evaluation of the 2023 Alcohol Duty reforms, in line with the commitment to do so three years on from their implementation. At Budget 2026, following the collection and review of evidence, HMRC and HM Treasury published a report on its findings. This report is available on the gov.uk website.
The Alcohol Duty evaluation report shows that the reforms have encouraged producers to innovate, reformulate, and meet the demand for lower-strength products.
Alongside the introduction of the 2023 reforms, a temporary easement was put in place for wine importers and producers to help manage the transition to the new method of calculating the duty on their products. The impact of the wine easement was not reviewed as part of the Alcohol Duty evaluation as it was a temporary measure.
The 8.5% ABV limit ensures that Small Producers Relief is targeted at lower-strength products. This is line with the principle underpinning the 2023 Alcohol Duty reforms that stronger alcoholic products should pay more duty.
The Government understands concerns about the impact of airport drop-off charges and will therefore be taking forward a review into drop off charges. This will be completed within 12 months of Royal Assent of the Civil Aviation Bill. This will allow sufficient time to consider the range of issues raised by passengers and Parliamentarians, including transparency, charging practices, affordability and available alternatives.
The Government keeps all taxes under review and the Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
The Government understands concerns about the impact of airport drop-off charges and will therefore be taking forward a review into drop off charges. This will be completed within 12 months of Royal Assent of the Civil Aviation Bill. This will allow sufficient time to consider the range of issues raised by passengers and Parliamentarians, including transparency, charging practices, affordability and available alternatives.
The Government keeps all taxes under review and the Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
The Government understands concerns about the impact of airport drop-off charges and will therefore be taking forward a review into drop off charges. This will be completed within 12 months of Royal Assent of the Civil Aviation Bill. This will allow sufficient time to consider the range of issues raised by passengers and Parliamentarians, including transparency, charging practices, affordability and available alternatives.
The Government keeps all taxes under review and the Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
The Money Laundering Regulations require regulated firms to apply enhanced due diligence (EDD) where a customer or beneficial owner is a politically exposed person (PEP), a family member, or a known close associate of a PEP.
These measures are designed to help mitigate the increased risk of bribery and corruption and ensure that attempts to exploit a PEP’s position are detected and referred to law enforcement.
The Government recognises the impact these measures can have and has been clear that PEPs, and their family members and close associates, must be treated fairly and proportionately by banks and other regulated firms. Changes to the MLRs in force since January 2024 are clear that the starting point for regulated businesses must be to treat domestic PEPs as inherently lower risk than non-domestic PEPs.
Last year, the FCA published updated guidance on PEPs to encourage a risk-based approach, following its review of the treatment of PEPs. The government will continue to work closely with the FCA to ensure firms improve their practices where necessary.
At the 2026 Autumn Budget, the Chancellor announced that the National Wealth Fund and British Business Bank will deploy up to £5 billion over the next four years into defence, dual use and other sectors that support our national security, sovereign capability and resilience.
At the Spending Review next year, the Government will set out the details of how we will meet our NATO commitment of spending 3.5% of GDP on defence by 2035, with a target date for 3% in 2030.
The Government is committed to tackling money laundering and terrorist financing, while ensuring that the UK’s anti-money laundering regime remains effective and proportionate.
Under the Money Laundering Regulations (MLRs), banks and other regulated firms must have appropriate policies, controls and procedures to mitigate money laundering and terrorist financing risks. This includes customer due diligence, sometimes referred to as “Know Your Customer” requirements, to verify customers’ identities and understand the purpose of transactions.
The Government keeps the MLRs under review and engages closely with industry, supervisors and other stakeholders to ensure that requirements remain effective, proportionate and responsive to evolving money laundering and terrorist financing risks, making changes where appropriate.
For example, in July 2025 HM Treasury published its response to a consultation on improving the effectiveness of the MLRs, setting out reforms to close loopholes, clarify requirements and ensure customer due diligence is targeted at higher-risk activity.
Firms continue to be required to take a risk-based approach, ensuring that the extent of checks is proportionate to the money laundering and terrorist financing risks presented.
The Government has provided public advice on preparing for emergencies through the Be Ready Campaign website. This includes advice that people may wish to consider keeping cash for essential purchases in case electronic payments or cash machines are disrupted. The amount held should reflect each household’s circumstances and needs.
Further information is available at: Be ready for emergencies - Be Ready
I refer the honourable member to the answer given to question 27309 on 9 September 2026.
Private markets, including private credit, play a vital role in providing financing to the real economy. They support innovation and diversify funding sources.
As the Bank of England have said, the growth of private markets also brings new vulnerabilities, including from the sectors’ increasing complexity, use of leverage, opacity, and interconnectedness with the wider financial system.
HM Treasury continues to work closely with the regulators to understand these risks. In the 2025 remit letter to the Bank of England’s Financial Policy Committee, the Committee were asked to continue to consider risks in private markets. The Bank of England has since launched its private markets System‑Wide Exploratory Scenario – a world-leading exercise to deepen understanding of vulnerabilities in private markets.
The total cost of the Chancellor’s visit to China in January 2025 was £60,858.81.
This is a devolved matter, and it is the responsibility of the Welsh government for administrating the funds. However, I can confirm that last payments for the European Regional Development Fund (ERDF) Programmes were received by the Welsh Government in 2025/26 and in total for the ERDF 2014-20 Programme, €1.4bn was received. For European Social Fund (ESF), the last payments received by the Welsh Government was in 2024/25 and the total received for the ESF 2014-20 Programmes was €1bn.
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, published in its 2024-2025 Annual Review that over £12.9 billion of assets relating to the Libya sanctions regime have been reported as frozen as of September 2024. This is an aggregated total of all entities and individuals listed on the Consolidated List of Financial Sanctions Targets.
I refer the Hon. Member to the announcement made by the Prime Minister on the 26 October, committing to a new equity loan scheme: Your First Home. We will announce further details including costs and implementation timelines at Autumn Budget.
New first-time buyer scheme to be confirmed at Budget - GOV.UK
The Treasury does not comment on speculation concerning tax policy. Decisions on tax are a matter for the Chancellor and are set out at fiscal events
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
At Budget 2026, the Chancellor announced that from April 2027, the new Capital Gains Tax (CGT) Founders' Relief will give founders and early investors a reduced 10% rate of CGT, on gains up to a £10 million lifetime limit.
The Enterprise Investment Scheme (EIS) also allows investors to defer up to 100% of a capital gain where it is reinvested in eligible EIS shares.
The government is committed to providing mayors and local leaders with greater flexibility and control over local funding. As set out in the Fiscal Devolution Roadmap, we will continue to work with mayors and local leaders to develop a reformed funding model for regional and local government.
As set out in the Fiscal Devolution Roadmap, the government will also consider the case for applying controls to balance the mix of capital and resource spending, in a proportionate way, to support adherence to the fiscal rule on day-to-day spending.
The impact of the Visitor Levy, including revenue raised, will largely depend on local decisions. It will be for strategic authorities to decide whether to introduce a levy and the appropriate rate for their area, informed by local consultation. If a levy is introduced, local leaders will decide how to invest revenues raised to support local growth and deliver improvements for residents, businesses and visitors.
A new building becomes liable for business rates when it is practically complete and ready for occupation for the purpose for which it was intended.
The financial value of the cap on the business rates relief is covered by confidentiality provisions and is subject to a subsidy control process. It has been calculated to ensure that the programme delivers value for money for the taxpayer.
Information on the Valuation Office’s model assisted valuation approach (AVM) can be found here: https://www.gov.uk/guidance/how-model-assisted-valuation-delivers-large-scale-property-valuations
The model approach for the AVM for HVCTS is being finalised.
The OBR published an estimate of the High Value Council Tax Surcharge (HVCTS) appeals rate in April 2026 at https://obr.uk/docs/dlm_uploads/Supplementary-forecast-information-high-value-council-tax-surcharge-costing.pdf.
That estimate remains the Government's current working estimate and will be kept under review.
There are no plans to place a full copy of the manual in the House of Commons Library.
Air Passenger Duty (APD) applies to airlines and is the principal tax on the aviation sector.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Air Passenger Duty (APD) applies to airlines and is the principal tax on the aviation sector.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Air Passenger Duty (APD) applies to airlines and is the principal tax on the aviation sector.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy.
The Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
There is currently a rolling 40-year exemption from VED for classic cars. Currently, vehicles constructed before 1 January 1986 are exempt from paying VED. From 1 April 2027 vehicles constructed before 1 January 1987 will become exempt from VED.
The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Established within the National Wealth Fund (NWF), the Energy Wealth Fund (EWF) will invest in renewable and low carbon energy infrastructure across the UK, helping unlock growth and supporting projects that will drive the country’s transition to a low-carbon economy. Further details will be set out in due course.
Established within the National Wealth Fund (NWF), the Energy Wealth Fund (EWF) will invest in renewable and low carbon energy infrastructure across the UK, helping unlock growth and supporting projects that will drive the country’s transition to a low-carbon economy. Further details will be set out in due course.
Coordinated international pressure plays an important, positive role in constraining Iran's ability to finance its nuclear programme and other malign and de-stabilising activities, while supporting efforts to secure a sustainable diplomatic solution. We will continue to work alongside the US, and other partners, to encourage Iran to engage in diplomatic discussions in good faith.
The Government recently consulted on the implementation of the First Time Buyer ISA and engaged with ISA providers, trade bodies and other financial services stakeholders as part of that process. Stakeholders raised a range of issues, including the property price cap. The consultation closed on 18 August, and we are carefully considering the responses received.
Data from the latest UK House Price Index shows that while the average price paid by first-time buyers has increased, it is still below the Lifetime ISA property price cap in all regions of the UK except for London, where the average price paid is affected by boroughs with very high property values.
The Government keeps all aspects of savings tax policy under review.
The Government recently consulted on the implementation of the First Time Buyer ISA and engaged with ISA providers, trade bodies and other financial services stakeholders as part of that process. Stakeholders raised a range of issues, including the property price cap. The consultation closed on 18 August, and we are carefully considering the responses received.
Data from the latest UK House Price Index shows that while the average price paid by first-time buyers has increased, it is still below the Lifetime ISA property price cap in all regions of the UK except for London, where the average price paid is affected by boroughs with very high property values.
The Government keeps all aspects of savings tax policy under review.
The Government is committed to maintaining the viability of cash as a payment method for those who choose to use it. The Financial Conduct Authority (FCA) has responsibility and powers to seek to ensure reasonable provision of access to cash withdrawal and deposit facilities.
The cash access policy statement, to which the FCA must have regard to when setting its rules, notes that the FCA should seek to ensure that at least 95% of people are within 1 mile of a cash access facility in urban areas and within 3 miles for rural areas. The latest data from the FCA shows it is meeting those distances. The FCA has committed to carry out a formal evaluation of its access to cash regime in due course.
The Government also understands the importance of banking services to communities and high streets and is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. The Government has also commissioned an independent Review into Access to Banking Services, to assess whether changes in access to in-person banking services are causing consumer detriment and the scale of any detriment. The Government intends to use the Financial Services and Markets Bill to introduce a power to allow action to be taken in future to protect access to banking services, should the evidence support intervention.
The Government is committed to maintaining the viability of cash as a payment method for those who choose to use it. The Financial Conduct Authority (FCA) has responsibility and powers to seek to ensure reasonable provision of access to cash withdrawal and deposit facilities.
The cash access policy statement, to which the FCA must have regard to when setting its rules, notes that the FCA should seek to ensure that at least 95% of people are within 1 mile of a cash access facility in urban areas and within 3 miles for rural areas. The latest data from the FCA shows it is meeting those distances. The FCA has committed to carry out a formal evaluation of its access to cash regime in due course.
The Government also understands the importance of banking services to communities and high streets and is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. The Government has also commissioned an independent Review into Access to Banking Services, to assess whether changes in access to in-person banking services are causing consumer detriment and the scale of any detriment. The Government intends to use the Financial Services and Markets Bill to introduce a power to allow action to be taken in future to protect access to banking services, should the evidence support intervention.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
The measure introducing VAT on private schools was estimated to raise £460 million in 2024-25 and £1,505 million in 2025-26. HMRC does not publish outturn VAT receipts relating to specific policy changes. The modelling of the Exchequer impact has, however, been updated in the light of further data. The Office for Budget Responsibility revised up the estimate of the revenue by an average of £40 million per year for their Autumn 2025 Economic and Fiscal Outlook, and stated that they will continue to monitor trends in the data. Any further updates will be published in the usual way.
As part of HMRC’s continuing efforts to balance cost-effectiveness with overall effectiveness of its functions, a trial is being carried out on the issuing of Corporation Tax reminders. The trial involves suppressing the first payment reminder and the combined return and payment reminder. HMRC will examine the effects on filing and payment rates, customer contact and debt levels before making a decision on the use of these reminders.
Tax relief for non-reimbursed homeworking expenses was withdrawn from 6 April 2026.
Employers may continue to reimburse qualifying additional homeworking expenses free of Income Tax and National Insurance contributions where the relevant conditions are met. As this is a tax exemption rather than a claim made to HMRC, information on the number of employees benefiting from such reimbursements is not collected.
HMRC do not produce a breakdown of the hidden economy tax loss by region.
The overall hidden economy tax loss figure can be found in the tax gap statistics which are published annually and are available at: Measuring tax gaps 2026 edition: tax gap estimates for 2024 to 2025 - GOV.UK
Different Vehicle Excise Duty (VED) rates apply to cars, vans, heavy goods vehicles and motorcycles, and the rate for each vehicle is calculated according to a range of factors, such as its date of first registration, weight, or carbon dioxide (CO2) emissions.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
The energy price cap from 1 October 2026 is £45 less than it would have been without this VAT cut, giving people breathing space on their energy bills.
Around a third of households are on fixed tariffs and therefore will not be affected by the energy price cap rise. The government expects suppliers to pass on the VAT cut to these customers too, meaning they could be in line for their energy bills to fall overall.