Asked by: John Whitby (Labour - Derbyshire Dales)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what process will be used to value family businesses after the changes to Business Property Relief are introduced.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The inheritance tax value of a person’s estate is the open market value of all their assets and liabilities. The forthcoming changes to business property relief will not change the existing rules on valuing a business. Valuation assumes a sale between a hypothetical seller and buyer, reflecting reality for all other factors such as industry conditions, trading history, and prospects, according to industry standards.
Asked by: Julian Smith (Conservative - Skipton and Ripon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the revaluation of business rates on levels of employment in North Yorkshire.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. Most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.
The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Asked by: James Cleverly (Conservative - Braintree)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether an Electric Vehicle chargepoint within the curtilage of a domestic dwelling is deemed to be a material consideration by the Valuation Office Agency when a property is valued or revalued for council tax, including the new surcharge.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Valuation Office Agency considers a range of factors when valuing domestic properties, including property attribute details, sales data, and the valuations of similar properties.
Asked by: Clive Betts (Labour - Sheffield South East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department had any role in the development of the electric car grant.
Answered by James Murray - Chief Secretary to the Treasury
I refer the Member to the answer given to UIN 90404 on 21st November 2025.
Asked by: Stuart Anderson (Conservative - South Shropshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when she plans to reply to the email from the hon. Member for South Shropshire dated 11 September 2025 with case reference number SA36696.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The email from the hon. Member for South Shropshire dated 11 September 2025 with case reference number SA36696 has been transferred to the Department for Business and Trade (DBT). DBT will respond in due course.
Asked by: Carla Lockhart (Democratic Unionist Party - Upper Bann)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of bank closures on access to banking services by vulnerable and elderly people; how many Banking Hubs currently operate in Northern Ireland; and what her target is for the number of additional Banking Hubs to be opened in Northern Ireland before the end of this parliamentary term.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, Government understands the importance of face-to-face banking to communities and is committed to supporting sufficient access for customers.
The Government is working closely with industry on the commitment to roll out 350 banking hubs across the UK by the end of this Parliament, which will provide individuals and businesses across the country with cash and banking services. Over 240 hubs have been announced so far, and 200 are already open. Of these, there are currently seven banking hubs operating in Northern Ireland.
The treatment of customers by UK banks is governed by the the Financial Conduct Authority, which requires firms to provide a prompt, efficient, and fair service to all of their customers. This includes special considerations for vulnerable customers. In addition, like all service providers, banks and building societies are bound under the Equality Act 2010 to make reasonable adjustments, where necessary, in the way they deliver their services.
While branch closures are commercial decisions for banks, Financial Conduct Authority guidance requires firms to conduct a robust impact analysis. Banks must show they have considered customer needs and identified potential reasonable alternatives. The FCA also expects engagement with stakeholders at least 12 weeks before closure and ensures that any replacement services, such as banking hubs, are in place before a branch closes. These measures aim to ensure closures are implemented fairly and transparently.
The Government does not have specific regional targets for banking hub opening as the locations of banking hubs are determined independently by LINK.
Asked by: Edward Morello (Liberal Democrat - West Dorset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact on fraud victims of proposals allowing the Financial Ombudsman Service to pause cases at registration pending police or Serious Fraud Office investigations.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government takes the issue of fraud very seriously and is dedicated to protecting the public from this appalling crime. As set out in our manifesto and as part of our Plan for Change, the government will introduce a new, expanded Fraud Strategy encompassing the modern-day threats that so many people become a victim to.
The government recognises the important role the Financial Ombudsman Service (FOS) plays in providing consumers with a cost-free and quick route to resolve disputes with financial services firms. However, the government’s review of the FOS concluded that in a small but significant minority of cases, the framework in which the FOS operates has resulted in it acting as a quasi-regulator.
That is why, as part of the Leeds Reforms, the Chancellor announced the most significant package of reforms to the FOS since its inception to provide greater certainty and predictability for consumers and firms who use the FOS. The government’s consultation on the proposed reforms closed on 8 October and it will set out next steps in due course.
Victims of fraud who wish to make a complaint about their financial services provider will continue to be able to bring complaints to the FOS, and the proposed changes to the legislative framework under which the FOS operates will not affect the FOS’s role in handling these complaints.
The Financial Conduct Authority (FCA) expects all firms to maintain strong systems and controls with regards to fraud prevention to deliver good outcomes for customers, including seeking to avoid foreseeable harm. It has made tackling fraud one of its priorities in its 5-year strategy from 2025 to 2030. The FCA is continuing to prioritise fighting financial crime, including by working with firms to strengthen their anti-crime systems, working with other relevant agencies who tackle crime to share intelligence and coordinate action, and working with consumers to raise awareness and ensure they have the tools they need to protect themselves.
Asked by: Edward Morello (Liberal Democrat - West Dorset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that fraud victims retain access to Financial Ombudsman Service investigations without being forced into civil court proceedings.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government takes the issue of fraud very seriously and is dedicated to protecting the public from this appalling crime. As set out in our manifesto and as part of our Plan for Change, the government will introduce a new, expanded Fraud Strategy encompassing the modern-day threats that so many people become a victim to.
The government recognises the important role the Financial Ombudsman Service (FOS) plays in providing consumers with a cost-free and quick route to resolve disputes with financial services firms. However, the government’s review of the FOS concluded that in a small but significant minority of cases, the framework in which the FOS operates has resulted in it acting as a quasi-regulator.
That is why, as part of the Leeds Reforms, the Chancellor announced the most significant package of reforms to the FOS since its inception to provide greater certainty and predictability for consumers and firms who use the FOS. The government’s consultation on the proposed reforms closed on 8 October and it will set out next steps in due course.
Victims of fraud who wish to make a complaint about their financial services provider will continue to be able to bring complaints to the FOS, and the proposed changes to the legislative framework under which the FOS operates will not affect the FOS’s role in handling these complaints.
The Financial Conduct Authority (FCA) expects all firms to maintain strong systems and controls with regards to fraud prevention to deliver good outcomes for customers, including seeking to avoid foreseeable harm. It has made tackling fraud one of its priorities in its 5-year strategy from 2025 to 2030. The FCA is continuing to prioritise fighting financial crime, including by working with firms to strengthen their anti-crime systems, working with other relevant agencies who tackle crime to share intelligence and coordinate action, and working with consumers to raise awareness and ensure they have the tools they need to protect themselves.
Asked by: Edward Morello (Liberal Democrat - West Dorset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she will make an assessment of the potential impact on fraud victims of allowing the Financial Ombudsman Service to dismiss cases deemed too complex.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government takes the issue of fraud very seriously and is dedicated to protecting the public from this appalling crime. As set out in our manifesto and as part of our Plan for Change, the government will introduce a new, expanded Fraud Strategy encompassing the modern-day threats that so many people become a victim to.
The government recognises the important role the Financial Ombudsman Service (FOS) plays in providing consumers with a cost-free and quick route to resolve disputes with financial services firms. However, the government’s review of the FOS concluded that in a small but significant minority of cases, the framework in which the FOS operates has resulted in it acting as a quasi-regulator.
That is why, as part of the Leeds Reforms, the Chancellor announced the most significant package of reforms to the FOS since its inception to provide greater certainty and predictability for consumers and firms who use the FOS. The government’s consultation on the proposed reforms closed on 8 October and it will set out next steps in due course.
Victims of fraud who wish to make a complaint about their financial services provider will continue to be able to bring complaints to the FOS, and the proposed changes to the legislative framework under which the FOS operates will not affect the FOS’s role in handling these complaints.
The Financial Conduct Authority (FCA) expects all firms to maintain strong systems and controls with regards to fraud prevention to deliver good outcomes for customers, including seeking to avoid foreseeable harm. It has made tackling fraud one of its priorities in its 5-year strategy from 2025 to 2030. The FCA is continuing to prioritise fighting financial crime, including by working with firms to strengthen their anti-crime systems, working with other relevant agencies who tackle crime to share intelligence and coordinate action, and working with consumers to raise awareness and ensure they have the tools they need to protect themselves.
Asked by: Bambos Charalambous (Labour - Southgate and Wood Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the effectiveness of the (a) Financial Conduct Authority and (b) Financial Ombudsman Service’s recent changes to compensatory interest.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Ombudsman Service (FOS) is responsible for setting the interest rate it applies to awards. Following consultation, the FOS has confirmed that it will change the interest rate that it applies to some compensation awards, moving from the current 8% to a time-weighted average of the Bank of England’s base rate plus one percentage point. The FOS will continue to apply an 8% interest rate for the period after a determination has been made, if the business does not pay redress on time, to encourage timely compliance with FOS determinations. The Chancellor welcomed the new rate in her Mansion House 2025 speech on 15 July, with the Financial Services Growth and Competitiveness Strategy noting that the new rate better reflects market conditions.