Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what data the Department holds on enforcement operations against retail premises suspected of selling illicit tobacco products or non-compliant nicotine products in each of the last three years, including the number of (a) premises searched, (b) arrests made, and (c) premises closed, broken down by (i) England and Wales, (ii) West Sussex, and (iii) Bognor Regis and Littlehampton constituency.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

HM Revenue and Customs (HMRC) publishes estimates of the tobacco tax gap, including revenue lost through the illicit trade in cigarettes and hand-rolling tobacco, in the annual Measuring Tax Gaps publication. The latest tax gap figures are available for 2024 25 tax year.

HMRC does not routinely collect or publish data on the number of retail premises suspected of selling illicit tobacco products. Although HMRC records information on illicit tobacco investigations, those investigations are not routinely categorised by linked criminality type.

HMRC recognises that the illicit tobacco trade is linked to organised criminality and can cause significant social and economic harm to local communities. HMRC works closely with law enforcement partners to target and disrupt organised crime groups involved in the illicit tobacco supply chain. The joint HMRC and Border Force strategy, Stubbing out the problem, published in 2024, sets out the government's approach to reducing demand for illicit tobacco and tackling the organised crime groups that dominate the market.

HMRC publishes annual outputs for tackling tobacco smuggling on GOV.UK, including data for 2025–26. Detail on outputs from Operation CeCe, our joint initiative with Trading Standards to tackle illicit tobacco at local retail level, can be found in the 2025-26 Annual Report and Accounts.

I refer the Honourable Member to the answers provided to UIN 128189, UIN 107092, and UIN 84365 for more information.

Data is not produced for localised geographical areas and therefore is not available for West Sussex or for the Bognor Regis and Littlehampton constituency.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what data the Department holds on investigations involving illicit tobacco or nicotine products in which there were also suspected links to (a) drug trafficking, (b) modern slavery or human trafficking, (c) fraud, and (d) money laundering in each of the last three years, broken down by (i) England and Wales and (ii) West Sussex.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

HM Revenue and Customs (HMRC) publishes estimates of the tobacco tax gap, including revenue lost through the illicit trade in cigarettes and hand-rolling tobacco, in the annual Measuring Tax Gaps publication. The latest tax gap figures are available for 2024 25 tax year.

HMRC does not routinely collect or publish data on the number of retail premises suspected of selling illicit tobacco products. Although HMRC records information on illicit tobacco investigations, those investigations are not routinely categorised by linked criminality type.

HMRC recognises that the illicit tobacco trade is linked to organised criminality and can cause significant social and economic harm to local communities. HMRC works closely with law enforcement partners to target and disrupt organised crime groups involved in the illicit tobacco supply chain. The joint HMRC and Border Force strategy, Stubbing out the problem, published in 2024, sets out the government's approach to reducing demand for illicit tobacco and tackling the organised crime groups that dominate the market.

HMRC publishes annual outputs for tackling tobacco smuggling on GOV.UK, including data for 2025–26. Detail on outputs from Operation CeCe, our joint initiative with Trading Standards to tackle illicit tobacco at local retail level, can be found in the 2025-26 Annual Report and Accounts.

I refer the Honourable Member to the answers provided to UIN 128189, UIN 107092, and UIN 84365 for more information.

Data is not produced for localised geographical areas and therefore is not available for West Sussex or for the Bognor Regis and Littlehampton constituency.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what data the Department holds on the number of retail premises suspected of selling illicit tobacco products or non-compliant nicotine products in (a) England and Wales, (b) West Sussex, and (c) Bognor Regis and Littlehampton constituency; and how many of those premises are suspected of links to organised crime groups.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

HM Revenue and Customs (HMRC) publishes estimates of the tobacco tax gap, including revenue lost through the illicit trade in cigarettes and hand-rolling tobacco, in the annual Measuring Tax Gaps publication. The latest tax gap figures are available for 2024 25 tax year.

HMRC does not routinely collect or publish data on the number of retail premises suspected of selling illicit tobacco products. Although HMRC records information on illicit tobacco investigations, those investigations are not routinely categorised by linked criminality type.

HMRC recognises that the illicit tobacco trade is linked to organised criminality and can cause significant social and economic harm to local communities. HMRC works closely with law enforcement partners to target and disrupt organised crime groups involved in the illicit tobacco supply chain. The joint HMRC and Border Force strategy, Stubbing out the problem, published in 2024, sets out the government's approach to reducing demand for illicit tobacco and tackling the organised crime groups that dominate the market.

HMRC publishes annual outputs for tackling tobacco smuggling on GOV.UK, including data for 2025–26. Detail on outputs from Operation CeCe, our joint initiative with Trading Standards to tackle illicit tobacco at local retail level, can be found in the 2025-26 Annual Report and Accounts.

I refer the Honourable Member to the answers provided to UIN 128189, UIN 107092, and UIN 84365 for more information.

Data is not produced for localised geographical areas and therefore is not available for West Sussex or for the Bognor Regis and Littlehampton constituency.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate HM Revenue and Customs has made of the tax and duty revenue foregone through illicit trade in (a) cigarettes, (b) hand-rolling tobacco, (c) heated tobacco products, (d) vaping products, and (e) nicotine pouches in the latest year for which data are available; and whether those estimates are available for (i) West Sussex and (ii) Bognor Regis and Littlehampton constituency.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

HM Revenue and Customs (HMRC) publishes estimates of the tobacco tax gap, including revenue lost through the illicit trade in cigarettes and hand-rolling tobacco, in the annual Measuring Tax Gaps publication. The latest tax gap figures are available for 2024 25 tax year, and can be found here: Measuring tax gaps 2026 edition: tax gap estimates for 2024 to 2025 - GOV.UK

HMRC does not produce estimates for heated tobacco products. Nicotine pouches are not subject to excise duty, and no estimate is made for vaping products as Vaping Products Duty will not come into force until October 2026.

Estimates are not produced for localised geographical areas and therefore are not available for West Sussex or for the Bognor Regis and Littlehampton constituency.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether there will be regular monitoring of the National Payments Vision during the remainder of this Parliament.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The National Payments Vision sets out the Government’s ambition for a trusted, world-leading payments ecosystem based on next-generation technology, where consumers and businesses have a choice of payment methods to meet their needs.

HM Treasury continues to guide implementation of the National Payments Vision through its chairing of the Payments Vision Delivery Committee.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 July 2026 to Question 16513, if she can confirm that the information requested in that question is internally held.

Answered by Emma Reynolds - Chief Secretary to the Treasury

The requested figures are derived from information submitted to HM Treasury through the WGA process and from subsequent consolidation and reporting activities undertaken by HM Treasury. The resulting information is therefore held internally as part of the preparation of the WGA.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the impact of inheritance tax on middle-income households whose estates are primarily comprised of residential property, including the effect on their ability to fund social care costs; and what proportion of estates were liable for inheritance tax in each of the last five years.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

Inheritance tax is only paid by a small number of estates. For the 2023-24 tax year, the most recent year available, fewer than 5% of UK deaths resulted in an inheritance tax charge.

No inheritance tax is due on any property, money, or other assets passed on to a spouse or civil partner, more widely, various nil-rate bands, exemptions, and reliefs exist including a £325,000 nil-rate band and a residence nil-rate band of a further £175,000 for those passing on a qualifying residence on death to their direct descendants, such as children or grandchildren. This means qualifying estates can pass on up to £500,000 and the qualifying estate of a surviving spouse or civil partner can pass on up to £1 million without an inheritance tax liability.

Information of the proportion of estates liable for inheritance tax is published online at the following:

https://www.gov.uk/government/statistics/inheritance-tax-liabilities-statistics/inheritance-tax-liabilities-statistics-commentary

Inheritance tax should not affect the ability of individuals to fund social care costs as it is only paid on the estate of someone who has died.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions he has had with LINK on the criteria used to assess communities for Banking Hubs in towns such as Larkhall.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Under the statutory access to cash regime, LINK is the coordination body for cash access arrangements and undertakes cash access assessments. Where an assessment identifies a gap, LINK determines the additional cash access service required, which may include a banking hub.

When asked to carry out a cash access assessment, LINK takes into consideration a wide range of criteria, including those unique to each location, such as the size and vulnerability of the population, existing and remaining cash access facilities and the number of shops. Specifically, LINK takes into consideration population demographics, public transport links and whether it is reasonable for people to travel to nearby facilities, including the actual travel distance. LINK uses a catchment area of 3 miles in rural locations and 1 mile in urban areas and considers if there is a significant impact on nearby towns.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of modern capital instruments to enable non-member investment in co-operatives.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government wants to ensure that the law governing co-operatives and community benefit societies supports their growth. That is why the Government is funding the Law Commission’s independent review of the Co-operative and Community Benefit Societies Act 2014. The review is considering ways to update and modernise the legislation, ensuring that it fits the nature and needs of these societies and that regulation is proportionate and effective. This includes consideration of whether shares may be issued with varying rights and to non-user investors.

Once published, the Government will carefully consider the Law Commission’s recommendations to understand whether reform is needed to support these businesses to grow and succeed in the future. The Government is committed to unlocking the full potential of the mutual and co-operative sector to support inclusive growth and we continue to engage regularly with the sector to address the barriers to the sector’s growth

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department's Access to Banking Services Review will consider the introduction of a baseline level of access to in-person banking services, including the potential contribution of the Post Office network.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government is committed to ensuring that people who need in-person banking can continue to access essential services.

That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to access to in-person banking services are causing consumer detriment and the scale of any detriment.

As part of this, the Review will consider existing forms of in-person banking provision. The Post Office provides banking services through over 10,000 branches via the Banking Framework agreement and, as such, the provision of services by the Post Office on behalf of banks will be considered as part of the Review.

The Access to Banking Services Review is being conducted on an independent basis. The Chair will provide a report and recommendations to the Government upon its conclusion, at which point the Government will consider any future actions.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department's Access to Banking Services Review will assess the potential impact of the Post Office network on providing access to in-person banking services.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government is committed to ensuring that people who need in-person banking can continue to access essential services.

That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to access to in-person banking services are causing consumer detriment and the scale of any detriment.

As part of this, the Review will consider existing forms of in-person banking provision. The Post Office provides banking services through over 10,000 branches via the Banking Framework agreement and, as such, the provision of services by the Post Office on behalf of banks will be considered as part of the Review.

The Access to Banking Services Review is being conducted on an independent basis. The Chair will provide a report and recommendations to the Government upon its conclusion, at which point the Government will consider any future actions.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will extend the deadline for payment of inheritance tax from six to 12 months.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

The Government does not intend to change the existing, longstanding deadline of inheritance tax being due at the end of the sixth month after the date of death.

The Government recognises the general difficulties that some personal representatives may face in paying the inheritance tax due and HMRC already offers several payment options to help.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of mortgage lending practices for buy-to-let properties on housing affordability for owner-occupiers.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government is committed to making the aspiration of home ownership a reality for as many households as possible. To improve housing affordability and help people into homeownership, we continue to take steps to increase the supply of housing. In December 2024, we announced major changes to the National Planning Policy Framework, forecast by the Office for Budget Responsibility to deliver 170,000 additional homes and add £6.8 billion to the economy by 2029-30, and have since published a more comprehensive rewrite to make planning policy clearer, more streamlined and pro-growth.

The Government recognises that activity in the buy-to-let market can affect the balance between different housing tenures. Buy-to-let lending practices are commercial matters for individual lenders, in which the Government does not intervene. However, the Government is regularly in contact with mortgage lenders on all aspects of their business, including developments in buy-to-let and owner-occupier lending and their implications for the wider housing market.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had with the (i) Financial Conduct Authority and (ii) Bank of England on the regulatory implications of increased cross-border use of stablecoins between the UK and the United States.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government has had close and ongoing engagement with the Financial Conduct Authority and Bank of England on the UK approach to stablecoin regulation, including the risks and opportunities associated with cross-border use cases.

This engagement has supported the development and implementation of the UK’s domestic stablecoin regime, and facilitated international cooperation through initiatives such as the UK-US Transatlantic Taskforce for Markets of the Future. The Taskforce recommendations set out a shared, forward-looking agenda to advance UK-US financial services collaboration, focussing on digital assets and capital markets.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many complaints relating to Buy-Now, Pay-Later products were received by the Financial Conduct Authority and the Financial Ombudsman Service in each of the last five years.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Buy-Now, Pay-Later (BNPL) products were brought into FCA regulation in July 2026 and providers are now subject to the FCA’s rules for consumer credit firms. The rules require firms to identify and support customers in financial difficulty, treat them with appropriate forbearance, regularly review the support provided, and refer borrowers to free, independent debt advice where appropriate.

Complaints relating to BNPL were not subject to complaints reporting requirements so reliable figures are not available. Going forward, the Financial Conduct Authority and the Financial Ombudsman Service will record data on complaints relating to BNPL products.

The government will continue to monitor the BNPL market closely, working with the FCA and industry.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what guidance has been issued to Buy-Now, Pay-Later providers on referring customers in financial difficulty to debt advice services.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Buy-Now, Pay-Later (BNPL) products were brought into FCA regulation in July 2026 and providers are now subject to the FCA’s rules for consumer credit firms. The rules require firms to identify and support customers in financial difficulty, treat them with appropriate forbearance, regularly review the support provided, and refer borrowers to free, independent debt advice where appropriate.

Complaints relating to BNPL were not subject to complaints reporting requirements so reliable figures are not available. Going forward, the Financial Conduct Authority and the Financial Ombudsman Service will record data on complaints relating to BNPL products.

The government will continue to monitor the BNPL market closely, working with the FCA and industry.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what guidance has been issued to Buy-Now, Pay-Later providers on referring customers in financial difficulty to debt advice services.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Buy-Now, Pay-Later (BNPL) products were brought into FCA regulation in July 2026 and providers are now subject to the FCA’s rules for consumer credit firms. The rules require firms to identify and support customers in financial difficulty, treat them with appropriate forbearance, regularly review the support provided, and refer borrowers to free, independent debt advice where appropriate.

Complaints relating to BNPL were not subject to complaints reporting requirements so reliable figures are not available. Going forward, the Financial Conduct Authority and the Financial Ombudsman Service will record data on complaints relating to BNPL products.

The government will continue to monitor the BNPL market closely, working with the FCA and industry.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the adequacy of the legal framework for payments initiated by autonomous software agents.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Payments are a fundamental component of a thriving financial sector, and the Government wants the UK to be at the forefront of the safe development of agentic payments. The Government’s National Payments Vision is for a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.

A number of steps are being taken to lay the foundations for the safe adoption of agentic payments in the UK. Firstly, the Government is consulting on modernising payment services regulation. This consultation asks whether and how the regulatory framework needs to evolve to ensure the safe adoption of agentic payments. This consultation closes on 6 October, and the Government will consider the responses carefully.

Agentic payments are also being considered in the design of the new payments infrastructure. In June, the Retail Payments Infrastructure Board published a consultation on the Design of the Future Retail Payments Infrastructure. This asked what capabilities or functions the next-generation infrastructure would need to support the safe provision of agentic payments.

Finally, in July, the Financial Conduct Authority launched its second supercharged sandbox cohort, where participating firms are exploring use cases designed to enable agent-led payments and commerce.

The Government also engages with international partners on payments innovation. As agentic payments develop, the Government will continue to work with international partners to support approaches that enable innovation while maintaining appropriate consumer protection and security.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the answer of 29 May 2026 to Question 2052 on Sanctions, whether any of the general licences granted by OFSI allow for the ancillary provision of public relations and public affairs.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Office of Financial Sanctions (OFSI) general licences authorise certain categories of payments and financial services that would otherwise be prohibited under UK financial sanctions regulations. OFSI does not provide exemptions from wider trade sanctions or other regulatory restrictions, but it may fall within the remit of other parts of Government.

Whether a particular service may be provided under a general licence depends on the scope and conditions of that licence. Regarding public relations and public affairs, the Government has made clear that there is a presumption that applications for specific licences for legal fees relating to defamation and similar cases will be rejected and OFSI’s Russian and Belarusian Legal Services General Licence does not authorise legal fees for such cases. Further information is set out in the Written Ministerial Statement of 30 March 2023.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of greater co-ordination between public finance institutions to increase investment in strategically important sectors identified in the industrial strategy.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The government has assessed how Public Financial Institutions can work together more effectively while each institution addresses specific market gaps.

This has led to the establishment of the UK’s Public Investment Roundtable. This forum strengthens coordination through driving strategic alignment, facilitating practical collaboration between the Public Financial Institutions, and promoting a “no wrong door” approach to ensure customers can access suitable financing options from across the public finance landscape. The work of Public Finance Institutions supports the Industrial Strategy and the government’s wider priorities.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many banks have closed in (a) South Holland and the Deepings constituency and (b) Lincolnshire in last five years.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government does not hold official data on the number of bank branch closures in individual constituencies or counties. Decisions on opening and closing bank branches are commercial decisions for individual firms. However, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers' everyday banking and cash access needs and put in place alternatives where reasonable.

This seeks to ensure that branch closures are implemented in a way that treats customers fairly. Where firms fall short of expectations, the FCA may ask for closures to be paused or other options to be put in place.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the answer of 20 April 2026, to Question 124889 on Defence: Development Aid, whether it remains his policy to spend 100 percent of the reduction in the Official Development Assistance budget on defence in (a) 2026/27, (b) 2027/28 and (c) 2028/29.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

100 percent of the reduction in the Official Development Assistance (ODA) budget will be spent on defence in all of the years referenced.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made on the potential impact of the rise in employer National Insurance Contributions on the social care sector.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

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 recognises the significant challenges facing the social care system and is committed to transforming the sector and supporting the care workforce. The Government is making available around £4.6 billion of additional funding in 2028/29, compared to 2025/26, to support the sector to improve social care.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to establish liability and consumer redress arrangements for transactions initiated by an autonomous software agent acting outside the scope of its mandate.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Payments are a fundamental component of a thriving financial sector, and the Government wants the UK to be at the forefront of the safe development of agentic payments. The Government’s National Payments Vision is for a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.

A number of steps are being taken to lay the foundations for the safe adoption of agentic payments in the UK. Firstly, the Government is consulting on modernising payment services regulation. This consultation asks whether and how the regulatory framework needs to evolve to ensure the safe adoption of agentic payments. This consultation closes on 6 October, and the Government will consider the responses carefully.

Agentic payments are also being considered in the design of the new payments infrastructure. In June, the Retail Payments Infrastructure Board published a consultation on the Design of the Future Retail Payments Infrastructure. This asked what capabilities or functions the next-generation infrastructure would need to support the safe provision of agentic payments.

Finally, in July, the Financial Conduct Authority launched its second supercharged sandbox cohort, where participating firms are exploring use cases designed to enable agent-led payments and commerce.

The Government also engages with international partners on payments innovation. As agentic payments develop, the Government will continue to work with international partners to support approaches that enable innovation while maintaining appropriate consumer protection and security.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department plans to recognise autonomous software agents as a distinct class of payment initiator as part of the review of payments legislation.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Payments are a fundamental component of a thriving financial sector, and the Government wants the UK to be at the forefront of the safe development of agentic payments. The Government’s National Payments Vision is for a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.

A number of steps are being taken to lay the foundations for the safe adoption of agentic payments in the UK. Firstly, the Government is consulting on modernising payment services regulation. This consultation asks whether and how the regulatory framework needs to evolve to ensure the safe adoption of agentic payments. This consultation closes on 6 October, and the Government will consider the responses carefully.

Agentic payments are also being considered in the design of the new payments infrastructure. In June, the Retail Payments Infrastructure Board published a consultation on the Design of the Future Retail Payments Infrastructure. This asked what capabilities or functions the next-generation infrastructure would need to support the safe provision of agentic payments.

Finally, in July, the Financial Conduct Authority launched its second supercharged sandbox cohort, where participating firms are exploring use cases designed to enable agent-led payments and commerce.

The Government also engages with international partners on payments innovation. As agentic payments develop, the Government will continue to work with international partners to support approaches that enable innovation while maintaining appropriate consumer protection and security.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department plans to establish a testing environment for agent-initiated payments covering both card and tokenised settlement.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Payments are a fundamental component of a thriving financial sector, and the Government wants the UK to be at the forefront of the safe development of agentic payments. The Government’s National Payments Vision is for a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.

A number of steps are being taken to lay the foundations for the safe adoption of agentic payments in the UK. Firstly, the Government is consulting on modernising payment services regulation. This consultation asks whether and how the regulatory framework needs to evolve to ensure the safe adoption of agentic payments. This consultation closes on 6 October, and the Government will consider the responses carefully.

Agentic payments are also being considered in the design of the new payments infrastructure. In June, the Retail Payments Infrastructure Board published a consultation on the Design of the Future Retail Payments Infrastructure. This asked what capabilities or functions the next-generation infrastructure would need to support the safe provision of agentic payments.

Finally, in July, the Financial Conduct Authority launched its second supercharged sandbox cohort, where participating firms are exploring use cases designed to enable agent-led payments and commerce.

The Government also engages with international partners on payments innovation. As agentic payments develop, the Government will continue to work with international partners to support approaches that enable innovation while maintaining appropriate consumer protection and security.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Payments Vision Delivery Committee has considered agent-initiated payments; and when he expects the Committee to report on that work.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Payments are a fundamental component of a thriving financial sector, and the Government wants the UK to be at the forefront of the safe development of agentic payments. The Government’s National Payments Vision is for a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.

A number of steps are being taken to lay the foundations for the safe adoption of agentic payments in the UK. Firstly, the Government is consulting on modernising payment services regulation. This consultation asks whether and how the regulatory framework needs to evolve to ensure the safe adoption of agentic payments. This consultation closes on 6 October, and the Government will consider the responses carefully.

Agentic payments are also being considered in the design of the new payments infrastructure. In June, the Retail Payments Infrastructure Board published a consultation on the Design of the Future Retail Payments Infrastructure. This asked what capabilities or functions the next-generation infrastructure would need to support the safe provision of agentic payments.

Finally, in July, the Financial Conduct Authority launched its second supercharged sandbox cohort, where participating firms are exploring use cases designed to enable agent-led payments and commerce.

The Government also engages with international partners on payments innovation. As agentic payments develop, the Government will continue to work with international partners to support approaches that enable innovation while maintaining appropriate consumer protection and security.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions her Department has had with HM Revenue and Customs on simplifying customs processes for low-volume exporters.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

The Government is committed to minimising administrative burdens and frictions experienced by all businesses trading internationally and has engaged with key stakeholders to better understand their needs for the future operation of the UK border.

HMRC provides clear guidance and direct support to help businesses navigate export processes, whilst applying risk-based checks to minimise disruption for legitimate trade. The make and manage an export declaration online service (Make and manage an export declaration online - GOV.UK) has been designed to support smaller exporters to make export declarations directly to HMRC’s Customs Declaration Service without the need for specialist software. HMRC works closely with Border Force and industry partners to improve processes and offer training and tools to support compliance.

In June 2026, HMRC published a call for evidence to capture industry views on modernising and evolving the customs regime to ensure it provides the best support for exporters and international trade to meet the needs of a modern, digital economy. Where exporters choose to use intermediaries, HMRC has also announced steps to raise standards across the sector to support businesses in navigating customs processes. For further information, please visit: Tax update 2026: simplification, modernisation and fairness summary - GOV.UK.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the UK Asset Resolution Annual Report and Accounts 2025-2026, published 19 August 2026, what proportion of the assets in each of the (a) NRAM and (b) B&B funded defined benefit pension schemes are held in UK equities.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The NRAM and B&B pension schemes are managed independently from government by Trustees responsible for the schemes’ investment strategy. The schemes’ investments are concentrated in UK-based bonds, with no current equity holdings, reflecting their status as defined benefit schemes closed to new members.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the value for money of Official Development Assistance spending targets relative to domestic infrastructure priorities.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Government spending, including funding for domestic infrastructure projects and overseas programming, was set out in the Spending Review 2025 settlement. All Government programmes, both domestic and international, are subject to rigorous Value for Money (VfM) assessments.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential effect of agent-initiated payments on the volume of low-value, high-frequency transactions and on the capacity of UK payment systems to process them.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Payments are a fundamental component of a thriving financial sector, and the Government wants the UK to be at the forefront of the safe development of agentic payments. The Government’s National Payments Vision is for a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.

A number of steps are being taken to lay the foundations for the safe adoption of agentic payments in the UK. Firstly, the Government is consulting on modernising payment services regulation. This consultation asks whether and how the regulatory framework needs to evolve to ensure the safe adoption of agentic payments. This consultation closes on 6 October, and the Government will consider the responses carefully.

Agentic payments are also being considered in the design of the new payments infrastructure. In June, the Retail Payments Infrastructure Board published a consultation on the Design of the Future Retail Payments Infrastructure. This asked what capabilities or functions the next-generation infrastructure would need to support the safe provision of agentic payments.

Finally, in July, the Financial Conduct Authority launched its second supercharged sandbox cohort, where participating firms are exploring use cases designed to enable agent-led payments and commerce.

The Government also engages with international partners on payments innovation. As agentic payments develop, the Government will continue to work with international partners to support approaches that enable innovation while maintaining appropriate consumer protection and security.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions his Department has had with international counterparts on standards for agent-initiated payments, including through the G20 cross-border payments roadmap.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Payments are a fundamental component of a thriving financial sector, and the Government wants the UK to be at the forefront of the safe development of agentic payments. The Government’s National Payments Vision is for a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.

A number of steps are being taken to lay the foundations for the safe adoption of agentic payments in the UK. Firstly, the Government is consulting on modernising payment services regulation. This consultation asks whether and how the regulatory framework needs to evolve to ensure the safe adoption of agentic payments. This consultation closes on 6 October, and the Government will consider the responses carefully.

Agentic payments are also being considered in the design of the new payments infrastructure. In June, the Retail Payments Infrastructure Board published a consultation on the Design of the Future Retail Payments Infrastructure. This asked what capabilities or functions the next-generation infrastructure would need to support the safe provision of agentic payments.

Finally, in July, the Financial Conduct Authority launched its second supercharged sandbox cohort, where participating firms are exploring use cases designed to enable agent-led payments and commerce.

The Government also engages with international partners on payments innovation. As agentic payments develop, the Government will continue to work with international partners to support approaches that enable innovation while maintaining appropriate consumer protection and security.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Government plans to use the powers in the Financial Services and Markets Bill 2026 to establish a mutual recognition framework for digital assets, including stablecoins, to support the UK's competitiveness as a global financial centre.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government acknowledges the potential benefits of recognising compatible jurisdictions’ regulatory regimes, including promoting growth and competitiveness by supporting cross-border activity.

The Financial Services and Markets Bill will enable HM Treasury to establish bespoke Overseas Recognition Regimes, where doing so will benefit the UK. The Government will consider using these powers for digital assets, where appropriate, subject to an assessment of the compatibility of the relevant jurisdiction’s regulatory and supervisory framework.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Government intends to issue guidance under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 requiring enhanced due diligence for Hong Kong-linked transactions.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Under the Money Laundering Regulations (MLRs), regulated firms and businesses must establish policies, controls and procedures to mitigate the risks of money laundering and terrorist financing, considering relevant risk factors relating to customers, transactions and the countries and geographical areas in which they operate. Regulated firms and businesses take a risk-based approach to these obligations, and must apply enhanced due diligence (EDD) measures when a customer or transaction is identified as high risk.

The MLRs require EDD in certain high risk circumstances, including for business relationships or transactions with countries identified as high risk countries subject to a call to action by the Financial Action Task Force. Hong Kong is not currently on that list.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to HM Treasury closed consultation, Future regulatory regime for benchmarks and benchmark administrators, December 2025, and with reference to the answer of 12 January 2026, to Question 102334, on Defence: Climate Change, if he will make it his policy to repeal Article 12(1)(a) of assimilated Commission Delegated Regulation (EU) 2020/1818 excluding companies involved in activities related to ‘controversial weapons’.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

As set out in response to PQ UIN 102334 on 12 January 2026, the UK Benchmarks Regulation sets out regulatory regime for benchmarks. It includes requirements for labels such as UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks.

The Financial Conduct Authority (FCA) monitors and supervises benchmark administrators according to the Benchmarks Regulation. The FCA published a statement regarding their position on sustainability regulations and UK defence investment on 11 March 2025.

The Treasury launched a consultation on the future regulatory regime for benchmarks and benchmark administrators on 17 December 2025. This consultation sought views on proposals to reform the UK’s existing benchmarks regime, including the Climate Transition Benchmark and Paris-Aligned Benchmark labels. The Government will publish its response to the consultation in due course.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 July 2026 to Question 16191 on Child Trust Fund, if he will provide an update on the work of the CTF taskforce to improve tracing approaches for unclaimed funds.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Child Trust Fund (CTF) Taskforce has met twice. It brings together Government and industry to improve tracing outcomes and encourage more young people to access their matured CTFs. Providers have shared tracing approaches, and the Taskforce is considering how effective practices can be adopted more widely across the sector. Discussions have also focused on improving engagement with account holders, strengthening communications and developing measures to assess progress. This work is being supported by HMRC research into the barriers that prevent some young people from accessing their accounts.

We cannot estimate the proportion of unclaimed CTF accounts registered to (a) currently and (b) previously looked after young people because the information required to identify these accounts is not included in the statistical returns that HMRC receives from providers. Information on CTFs is available in HMRC’s Annual Savings Statistics published on Gov.uk:

www.gov.uk/government/statistics/annual-savings-statistics-2025

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to support the growth of co-operatives in North East Somerset and Hanham constituency.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government is committed to supporting the growth of the co-operatives and mutuals sector and recognises its important role in driving competition, financial inclusion and consumer choice. Since Mansion House 2024, the Government has been delivering a multi-year programme of reforms to support its ambition to double the size of the sector over the long term, including in North East Somerset and Hanham.

This includes supporting the sector’s long-term development through the Law Commission’s independent review of co-operative legislation and ongoing engagement with the industry-led Mutual and Co-operative Sector Business Council. The Department for Business, Innovation, Science and Trade is also considering responses to its call for evidence on how the government can continue to support co-operatives and non-financial mutuals to start, grow and sustain, as well as support existing businesses transition into a co-operative or mutual model. The Government’s approach focuses on removing barriers to growth and creating the conditions for sustainable expansion across the sector.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the proposed payments innovation objective on the time taken by innovative payments businesses to obtain regulatory approval.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government has announced that it will seek to introduce a new secondary objective for the Bank of England to support safe innovation in vital payment systems and new forms of digital money, while ensuring that financial stability remains the Bank’s first priority.

This should help regulation keep pace with new technology, supporting the attractiveness of the UK as a location for payments innovation and investment.

The objective would not directly affect the process by which individual firms obtain regulatory authorisation or approval. The Bank does not operate an FCA-style authorisation regime for entities within scope of this objective. The objective instead concerns how the Bank exercises regulatory functions in this area.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the proposed payments innovation objective on private investment in UK payments infrastructure.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government has announced that it will seek to introduce a new secondary objective for the Bank of England to support safe innovation in vital payment systems and new forms of digital money, while ensuring that financial stability remains the Bank’s first priority.

This should help regulation keep pace with new technology, supporting the attractiveness of the UK as a location for payments innovation and investment.

The objective would not directly affect the process by which individual firms obtain regulatory authorisation or approval. The Bank does not operate an FCA-style authorisation regime for entities within scope of this objective. The objective instead concerns how the Bank exercises regulatory functions in this area.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 July 2026 to Question 16191 on Child Trust Fund, whether he has made an estimate of the proportion of unclaimed Child Trust Fund accounts registered to (a) currently and (b) previously looked after young people.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Child Trust Fund (CTF) Taskforce has met twice. It brings together Government and industry to improve tracing outcomes and encourage more young people to access their matured CTFs. Providers have shared tracing approaches, and the Taskforce is considering how effective practices can be adopted more widely across the sector. Discussions have also focused on improving engagement with account holders, strengthening communications and developing measures to assess progress. This work is being supported by HMRC research into the barriers that prevent some young people from accessing their accounts.

We cannot estimate the proportion of unclaimed CTF accounts registered to (a) currently and (b) previously looked after young people because the information required to identify these accounts is not included in the statistical returns that HMRC receives from providers. Information on CTFs is available in HMRC’s Annual Savings Statistics published on Gov.uk:

www.gov.uk/government/statistics/annual-savings-statistics-2025

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment the Government's Access to Banking Services Review is making of the role that the Post Office's network could play in providing access to in-person banking services for people requiring face-to-face support.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government is committed to ensuring that people who need in-person banking can continue to access essential services

That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to access to in-person banking services are causing consumer detriment, the scale of any detriment. The Review will consider access to in-person banking services for both personal and business customers.

As part of this, the Review will consider existing forms of in-person banking provision. The Post Office provides banking services through over 10,000 branches via the Banking Framework agreement and, as such, the provision of services by the Post Office on behalf of banks will be considered as part of the Review.

Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the independent Access to Banking Services Review is considering leveraging existing infrastructure like the Post Office network to support the provision of banking services.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government is committed to ensuring that people who need in-person banking can continue to access essential services

That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to access to in-person banking services are causing consumer detriment, the scale of any detriment. The Review will consider access to in-person banking services for both personal and business customers.

As part of this, the Review will consider existing forms of in-person banking provision. The Post Office provides banking services through over 10,000 branches via the Banking Framework agreement and, as such, the provision of services by the Post Office on behalf of banks will be considered as part of the Review.

Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the UK sanctions against Roman Abramovich allow for expenditure on (a) public relations and (b) public affairs firms, under the term of the OFSI consents and licences.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Office of Financial Sanctions Implementation (OFSI) can only issue licences where specific licensing grounds exist within the relevant sanctions regime and where the conditions of those grounds have been met.

Licensing of professional services of this kind may be permissible under one of a number of licensing purposes. Depending on the facts of any particular application this could be: basic needs, extraordinary expenses, prior obligations, or the routine holding and maintenance of frozen funds or economic resources. It would be for the applicant to demonstrate that the criteria of any licensing purpose were met in their particular circumstances.

It should also be noted that since 10 October 2024, the Office for Trade Sanctions Implementation (OTSI) has been responsible for trade sanctions licensing of standalone services prohibited under the UK's trade sanctions, including professional and business services under the Russia sanctions regime covering areas such as: accounting, auditing, engineering, management consulting, and public relations, as well as energy-related, infrastructure, interception, and shipping services across a range of other sanctions regimes.

It is not possible for OFSI to give a breakdown into granular service categories of previously issued licences. Information on the number of licences issued by financial year is available in OFSI’s Annual Review documents, which are published here: OFSI Annual Reviews - GOV.UK

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, further to the answer of 4 June 2026, to Question 4161, on Government departments: marketing, how much has been spent on branded goods and merchandise by the Financial Conduct Authority since the Government Chief Commercial Officer letter was sent; on what items, and at what cost.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Financial Conduct Authority (FCA) is a non-governmental body which is operationally independent from the Treasury and is funded via a levy on financial services firms.

The Government has no role in the FCA's budget and does not hold the information requested.

Information about the FCA’s budget, spending and staff numbers can be found in its annual report. Its 2025-26 annual report was laid before Parliament on 26 August 2026 and can be found at https://www.fca.org.uk/publications/annual-reports/annual-report-2025-26

As an arm’s-length body, staff at the FCA who meet the eligibility criteria are eligible to join the Government Communication Service. The Treasury does not hold figures on how many members of FCA staff are members.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the impact of removing tax relief for non‑reimbursed homeworking expenses on Ministers of Religion.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

The deduction from income tax for non-reimbursed home working expenses was removed in April 2026. This was to address concerns around non-compliance and to ensure fairness across the tax system. Employers can still reimburse employees for their home working expenses where eligible without deducting income tax and National Insurance contributions.

A Tax Information and Impact Note (TIIN) was published alongside Budget 2025. 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.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the answer of 20 April 2026 to question 124889 on Defence: Development Aid, whether it remains his policy to spend 100 percent of the reduction in the Official Development Assistance (ODA) budget on defence in (a) 2026/27, (b) 2027/28 and (c) 2028/29.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

100 percent of the reduction in the Official Development Assistance (ODA) budget will be spent on defence in all of the years referenced.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the adequacy of the criteria used by LINK when determining whether a community should receive a banking hub; and what steps he is taking to help ensure that communities which have lost access to high street banking services are able to access face-to-face banking.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Under the statutory access to cash regime, LINK is the coordination body for cash access arrangements and undertakes cash access assessments. Where an assessment identifies a gap, LINK determines the additional cash access service required, which may include a banking hub.

When asked to carry out a cash access assessment, LINK takes into consideration a wide range of criteria, including those unique to each location, such as the size and vulnerability of the population, existing and remaining cash access facilities and the number of shops. Specifically, LINK takes into consideration population demographics, public transport links and whether it is reasonable for people to travel to nearby facilities, including the actual travel distance. LINK uses a catchment area of 3 miles in rural locations and 1 mile in urban areas and considers if there is a significant impact on nearby towns

Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. LINK’s access to cash assessment process can be found on its website. If LINK determines that no further cash solutions are required, any member of the public can ask LINK to review their decision within 28 days of the original assessment, stressing their concerns. If the member of the public remains dissatisfied after this step, the matter may be referred to the Independent Assessor.

There are currently no existing legislative or regulatory protections for the provision of access to in-person banking services. That is why on 14 May, the Government commissioned an independent Review into Access to Banking Services to assess the impact of changes in the provision of in-person banking services. The Review will examine whether changes to access to in person banking services are causing consumer detriment and the scale of any detriment. Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.

The Government understands the importance of banking services to communities, including those in rural and coastal areas and market towns, and continues to work closely with industry to support the roll-out of 350 banking hubs by the end of this Parliament. Over 280 hubs have been announced so far, and more than 240 are already open across the UK.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what alternative routes are available to communities following a decision by LINK not to recommend a banking hub for their area.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Under the statutory access to cash regime, LINK is the coordination body for cash access arrangements and undertakes cash access assessments. Where an assessment identifies a gap, LINK determines the additional cash access service required, which may include a banking hub.

When asked to carry out a cash access assessment, LINK takes into consideration a wide range of criteria, including those unique to each location, such as the size and vulnerability of the population, existing and remaining cash access facilities and the number of shops. Specifically, LINK takes into consideration population demographics, public transport links and whether it is reasonable for people to travel to nearby facilities, including the actual travel distance. LINK uses a catchment area of 3 miles in rural locations and 1 mile in urban areas and considers if there is a significant impact on nearby towns

Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. LINK’s access to cash assessment process can be found on its website. If LINK determines that no further cash solutions are required, any member of the public can ask LINK to review their decision within 28 days of the original assessment, stressing their concerns. If the member of the public remains dissatisfied after this step, the matter may be referred to the Independent Assessor.

There are currently no existing legislative or regulatory protections for the provision of access to in-person banking services. That is why on 14 May, the Government commissioned an independent Review into Access to Banking Services to assess the impact of changes in the provision of in-person banking services. The Review will examine whether changes to access to in person banking services are causing consumer detriment and the scale of any detriment. Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.

The Government understands the importance of banking services to communities, including those in rural and coastal areas and market towns, and continues to work closely with industry to support the roll-out of 350 banking hubs by the end of this Parliament. Over 280 hubs have been announced so far, and more than 240 are already open across the UK.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answers of 5 June 2026 to Question 3763 on Government Communications Service: Staff and 19 January 2026 to Question 104195 on Government Communication Service: Staff, how many Financial Conduct Authority headcount staff are (a) members of the Government Communication Network and (b) are embedded communicators who are not counted as members of the Government Communication Network.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Financial Conduct Authority (FCA) is a non-governmental body which is operationally independent from the Treasury and is funded via a levy on financial services firms.

The Government has no role in the FCA's budget and does not hold the information requested.

Information about the FCA’s budget, spending and staff numbers can be found in its annual report. Its 2025-26 annual report was laid before Parliament on 26 August 2026 and can be found at https://www.fca.org.uk/publications/annual-reports/annual-report-2025-26

As an arm’s-length body, staff at the FCA who meet the eligibility criteria are eligible to join the Government Communication Service. The Treasury does not hold figures on how many members of FCA staff are members.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the proposed payments innovation objective on the international competitiveness of UK financial services.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government has announced that it will seek to introduce a new secondary objective for the Bank of England to support safe innovation in vital payment systems and new forms of digital money, while ensuring that financial stability remains the Bank’s first priority.

This should help regulation keep pace with new technology, supporting the attractiveness of the UK as a location for payments innovation and investment.

The objective would not directly affect the process by which individual firms obtain regulatory authorisation or approval. The Bank does not operate an FCA-style authorisation regime for entities within scope of this objective. The objective instead concerns how the Bank exercises regulatory functions in this area.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to his Department's Access to Banking Services Review, published on 14 May 2026, what steps his Department is taking to help ensure that people unable to use digital banking retain reasonable access to face-to-face banking services.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government is committed to ensuring that people who need in-person banking can continue to access essential services.

That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to access to in-person banking services are causing consumer detriment, the scale of any detriment, and who and where it affects, including in rural, coastal, and market town communities.

Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to his Department's Access to Banking Services Review, published on 14 May 2026, what assessment his Department has made of the extent of geographical gaps in face-to-face banking provision.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government is committed to ensuring that people who need in-person banking can continue to access essential services.

That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to access to in-person banking services are causing consumer detriment, the scale of any detriment, and who and where it affects, including in rural, coastal, and market town communities.

Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to help increase the number of UK-based institutional investors participating in early-stage venture capital markets.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Through the Government's financial services strategy and the Pension Schemes Act 2026, the Government is taking action to improve outcomes for pension savers, support growing British businesses and increase investment in the UK economy.

Ministers and officials regularly engage with pension schemes and the wider investment industry on a range of issues, including long-term investment opportunities in UK infrastructure.

Alongside the Pension Schemes Act, the Government is encouraging pension funds to diversify and invest in private markets. The Government strongly welcomes the Mansion House Accord, an industry-led commitment by major pension providers to invest 10 per cent of their default defined contribution funds in private markets by 2030, with at least half of that invested in the UK.

The Government is also helping facilitate more institutional investment into the UK economy. The expanded British Business Bank is helping to address market gaps and crowd in investment, and the National Wealth Fund is mobilising investment into sectors and infrastructure that support long-term economic growth.

The Government keeps the impact of its policies under review and is strengthening the information available on pensions, including through the Value for Money Framework and related data collection. Regulators and the Government continue to monitor risks in financial markets to ensure that financial stability is maintained.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what measures are in place to evaluate the economic impact of increased pension investment in innovative businesses.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Through the Government's financial services strategy and the Pension Schemes Act 2026, the Government is taking action to improve outcomes for pension savers, support growing British businesses and increase investment in the UK economy.

Ministers and officials regularly engage with pension schemes and the wider investment industry on a range of issues, including long-term investment opportunities in UK infrastructure.

Alongside the Pension Schemes Act, the Government is encouraging pension funds to diversify and invest in private markets. The Government strongly welcomes the Mansion House Accord, an industry-led commitment by major pension providers to invest 10 per cent of their default defined contribution funds in private markets by 2030, with at least half of that invested in the UK.

The Government is also helping facilitate more institutional investment into the UK economy. The expanded British Business Bank is helping to address market gaps and crowd in investment, and the National Wealth Fund is mobilising investment into sectors and infrastructure that support long-term economic growth.

The Government keeps the impact of its policies under review and is strengthening the information available on pensions, including through the Value for Money Framework and related data collection. Regulators and the Government continue to monitor risks in financial markets to ensure that financial stability is maintained.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of increased exposure to private markets by pension funds on UK financial stability.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Through the Government's financial services strategy and the Pension Schemes Act 2026, the Government is taking action to improve outcomes for pension savers, support growing British businesses and increase investment in the UK economy.

Ministers and officials regularly engage with pension schemes and the wider investment industry on a range of issues, including long-term investment opportunities in UK infrastructure.

Alongside the Pension Schemes Act, the Government is encouraging pension funds to diversify and invest in private markets. The Government strongly welcomes the Mansion House Accord, an industry-led commitment by major pension providers to invest 10 per cent of their default defined contribution funds in private markets by 2030, with at least half of that invested in the UK.

The Government is also helping facilitate more institutional investment into the UK economy. The expanded British Business Bank is helping to address market gaps and crowd in investment, and the National Wealth Fund is mobilising investment into sectors and infrastructure that support long-term economic growth.

The Government keeps the impact of its policies under review and is strengthening the information available on pensions, including through the Value for Money Framework and related data collection. Regulators and the Government continue to monitor risks in financial markets to ensure that financial stability is maintained.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has had discussions with mutual building societies on their role in increasing sustainable homeownership and supporting economic growth.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Building societies play an important role in supporting home ownership and economic growth. Ministers and officials regularly engage with building societies and the wider mutuals sector to discuss their business, understand the barriers they face and consider opportunities to support their growth and better serve their members.

The Government is committed to creating the conditions that enable the sector to flourish. In December 2025, the Prudential Regulation Authority and Financial Conduct Authority published their joint Mutuals Landscape Report, which set out the sector’s regulatory framework and identified opportunities for growth-focused reform. As part of that initiative, the Prudential Regulation Authority removed the Building Societies Sourcebook, supporting a more proportionate regulatory framework for building societies.

In addition, the Government laid a statutory instrument before Parliament in July 2026 that would support the building society sector by reducing unnecessary administrative burdens and providing greater funding flexibility.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the current regulatory framework for mutual building societies.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Building societies play an important role in supporting home ownership and economic growth. Ministers and officials regularly engage with building societies and the wider mutuals sector to discuss their business, understand the barriers they face and consider opportunities to support their growth and better serve their members.

The Government is committed to creating the conditions that enable the sector to flourish. In December 2025, the Prudential Regulation Authority and Financial Conduct Authority published their joint Mutuals Landscape Report, which set out the sector’s regulatory framework and identified opportunities for growth-focused reform. As part of that initiative, the Prudential Regulation Authority removed the Building Societies Sourcebook, supporting a more proportionate regulatory framework for building societies.

In addition, the Government laid a statutory instrument before Parliament in July 2026 that would support the building society sector by reducing unnecessary administrative burdens and providing greater funding flexibility.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate he has made of the aggregate business-rates liability of charity shops operated by adult and children’s hospices following the 2026 revaluation; and what assessment he has made of the potential impact of that liability on the unrestricted income available to support frontline hospice services.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

Charitable rate relief provides up to 80% business rates relief to eligible properties. Local Authorities have powers to award further discretionary relief, including up to 100% relief. Charity shops operated by hospices benefit from the business rates reliefs available to charities, if they are eligible.

The Government recognises the important role hospices play in supporting people and families across the country. Charities will also continue to benefit from the Government’s £4.3 billion business rates support package announced at Budget 2025.

For more information on Charitable Rate relief, please see: Business rates relief: Charitable rate relief - GOV.UK

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of providing centrally funded 100% business-rates relief to charity shops operated by hospices; and what estimate he has made of the annual cost of that measure.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

Charitable rate relief provides up to 80% business rates relief to eligible properties. Local Authorities have powers to award further discretionary relief, including up to 100% relief. Charity shops operated by hospices benefit from the business rates reliefs available to charities, if they are eligible.

The Government recognises the important role hospices play in supporting people and families across the country. Charities will also continue to benefit from the Government’s £4.3 billion business rates support package announced at Budget 2025.

For more information on Charitable Rate relief, please see: Business rates relief: Charitable rate relief - GOV.UK

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what outcome targets have been set for the Listings Taskforce for (i) the number of UK companies listing in the UK, (ii) the number of overseas companies choosing UK markets and (iii) the value of capital raised through UK listings.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy. This document sets out the government’s ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets as a core pillar of the strategy.

As part of this strategy, the government established a Listings Taskforce to support businesses to list and grow in the UK. HM Treasury continues to work in partnership with the Office for Investment, and industry, to ensure the UK attracts the best and brightest businesses from around the world, and right here in the UK, to list on UK markets.

Since 2025, more than £25.8bn of equity capital has been raised in London through follow-on issuances and IPOs.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what progress the Listings Taskforce has made towards increasing the number of (i) domestic and (iI) international companies listing on UK markets since its establishment.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy. This document sets out the government’s ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets as a core pillar of the strategy.

As part of this strategy, the government established a Listings Taskforce to support businesses to list and grow in the UK. HM Treasury continues to work in partnership with the Office for Investment, and industry, to ensure the UK attracts the best and brightest businesses from around the world, and right here in the UK, to list on UK markets.

Since 2025, more than £25.8bn of equity capital has been raised in London through follow-on issuances and IPOs.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, which sectors the Listings Taskforce has identified as having the greatest potential to increase the number of companies listing on UK markets.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy. This document sets out the government’s ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets as a core pillar of the strategy.

As part of this strategy, the government established a Listings Taskforce to support businesses to list and grow in the UK. HM Treasury continues to work in partnership with the Office for Investment, and industry, to ensure the UK attracts the best and brightest businesses from around the world, and right here in the UK, to list on UK markets.

Since 2025, more than £25.8bn of equity capital has been raised in London through follow-on issuances and IPOs.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the progress of the Listings Taskforce in reducing the barriers identified by businesses considering a UK listing.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy. This document sets out the government’s ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets as a core pillar of the strategy.

As part of this strategy, the government established a Listings Taskforce to support businesses to list and grow in the UK. HM Treasury continues to work in partnership with the Office for Investment, and industry, to ensure the UK attracts the best and brightest businesses from around the world, and right here in the UK, to list on UK markets.

Since 2025, more than £25.8bn of equity capital has been raised in London through follow-on issuances and IPOs.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what metrics the Listings Taskforce is using to assess whether its work is improving the attractiveness and competitiveness of UK capital markets.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy. This document sets out the government’s ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets as a core pillar of the strategy.

As part of this strategy, the government established a Listings Taskforce to support businesses to list and grow in the UK. HM Treasury continues to work in partnership with the Office for Investment, and industry, to ensure the UK attracts the best and brightest businesses from around the world, and right here in the UK, to list on UK markets.

Since 2025, more than £25.8bn of equity capital has been raised in London through follow-on issuances and IPOs.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of using existing community infrastructure, including Post Office branches, to support access to cash and everyday banking transactions.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government recognises the importance of cash, understanding that it continues to be used by millions of people across the UK, including charities, churches, voluntary organisations and community groups to support communities across the UK, and is committed to protecting access to cash for individuals and businesses.

The Financial Conduct Authority (FCA) assumed regulatory responsibility for access to cash in September 2024. Its rules ensure cash continues to be a viable method of payment for the millions of people who depend on it by providing reasonable access to cash withdrawal and deposit facilities for individuals and businesses, including free services for personal accounts. 

In addition to access to cash, the Government is committed to ensuring that people who need in-person banking can continue to access essential services. That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to access to in-person banking services are causing consumer detriment and the scale of any detriment.

As part of this, the Review will consider existing forms of in-person banking provision, including those available in the Post Office. Under the Banking Framework, a commercial agreement with 30 banking firms, most personal and business customers can withdraw and deposit cash, check their balance, pay bills and cash cheques at over 10,000 Post Office branches across the UK, subject to each bank’s service arrangements.

Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had with pension schemes on long-term investment in UK infrastructure.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Through the Government's financial services strategy and the Pension Schemes Act 2026, the Government is taking action to improve outcomes for pension savers, support growing British businesses and increase investment in the UK economy.

Ministers and officials regularly engage with pension schemes and the wider investment industry on a range of issues, including long-term investment opportunities in UK infrastructure.

Alongside the Pension Schemes Act, the Government is encouraging pension funds to diversify and invest in private markets. The Government strongly welcomes the Mansion House Accord, an industry-led commitment by major pension providers to invest 10 per cent of their default defined contribution funds in private markets by 2030, with at least half of that invested in the UK.

The Government is also helping facilitate more institutional investment into the UK economy. The expanded British Business Bank is helping to address market gaps and crowd in investment, and the National Wealth Fund is mobilising investment into sectors and infrastructure that support long-term economic growth.

The Government keeps the impact of its policies under review and is strengthening the information available on pensions, including through the Value for Money Framework and related data collection. Regulators and the Government continue to monitor risks in financial markets to ensure that financial stability is maintained.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment has the Government made of whether lenders' published eligibility criteria for interest-only and part-interest arrangements are attainable for borrowers in financial difficulty who are not high-net-worth individuals.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government recognises the difficulties faced by mortgage borrowers experiencing financial difficulty. The Financial Conduct Authority requires lenders to engage individually with customers who are struggling or worried about their payments in order to provide tailored support. This could include a term extension, a temporary switch to interest-only payments, a temporary payment deferral or part-interest, part-repayment; the right option will depend on the borrower’s circumstances.

Earlier this year, signatories also recommitted to the Mortgage Charter, which is a voluntary industry agreement that covers 90% of the mortgage market. The Charter provides additional flexibilities to help borrowers who are up-to-date with their repayments to manage their repayments over a short period.

Any borrower who is concerned about making their repayment should contact their lender. Seeking support and engaging with lenders to discuss options will not affect a borrower’s credit score in any way, and earlier engagement will mean that lenders can offer more support.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether there is a special category code which the HMRC Valuation Office uses to categorise places of worship for business rate liability or whether places of worship are exempt from the valuation process; and what processes are used for valuing places of worship which are not certified under the Places of Worship Registration Act 1855.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

Places of Public Religious Worship are not valued for business rates. For Places of Public Religious Worship without a certificate, the Valuation Office consider the tests for Religious Exemption as outlined in the Valuation Office Rating Manual, here.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the answer of 23 June 2026, to Question 10763, on Council tax: valuation, if she will place in the Library a copy of HMRC Valuation Office’s guidance on (a) site visits, and (b) requests for information, for council tax valuations.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

HMRC’s Valuation Office does not publish guidance on inspections or requests for information for Council Tax purposes. Each property is considered on a case-by-case basis to determine its Council Tax band. Additional information may be sought from the taxpayer in line with section 27 of the Local Government Finance Act 1992. An inspection may be carried out, though this is not usually required.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the answer of 17 September 2024, to Question 5223, on Council Tax: Wales, whether an external firm has been commissioned to assist on council tax automated valuation model or computer assisted mass appraisal development.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

The only external contractor which worked on the development of the automated valuation model is referenced in the reply to UIN 5223.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what a) amount and b) percentage of Vape Products Duty has been spent to date on tackling rogue traders of vapes and cigarettes.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

Vaping Products Duty (VPD) will come into effect on 1 October 2026. As it has not yet come into force, no amount of VPD revenue has been spent to date.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate has the HMRC Valuation Office made of the estimated (a) number and (b) proportion of council tax appeals that will be (i) submitted and (ii) accepted, on the new council tax valuation list in Wales, following the council tax revaluation in Wales.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

An estimate of the number of appeals following the Council Tax revaluation in Wales was published in the Welsh Government’s Explanatory Memorandum of the Local Government Finance (Wales) Act 2024. It can be found on page 88 of the document on their website, here.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to notify individuals of the existence of Child Trust Funds that were opened on their behalf by HM Revenue and Customs and remain unclaimed.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government recognises it is vital to step up efforts to reunite young people with their unclaimed matured Child Trust Funds (CTFs), regardless of whether the account was opened by HMRC or by a parent. Around three million accounts have now matured, of which over three quarters of a million remain unclaimed. Recognising the scale of the challenge and building on existing steps, the Government has put in place three new initiatives.

Firstly, HMRC will be carrying out social research to better understand the barriers that may prevent young people from engaging with their CTF. This work will improve our understanding of how young people respond to communications about their accounts, and how Government and industry can encourage more account holders to act.

Secondly, HMRC will be writing directly to 21 year olds whose matured CTFs remain unclaimed. These letters will make young people aware that they have a CTF and encourage them to take steps to claim it.

Thirdly, Government has launched a dedicated CTF Taskforce, bringing together Government and CTF providers to improve tracing approaches and identify more effective ways to engage young people.

Information on CTFs is available in HMRC’s Annual Savings Statistics published on Gov.uk:

www.gov.uk/government/statistics/annual-savings-statistics-2025

We cannot provide the number or total value of matured CTFs that were opened by HMRC because the information required to identify these accounts is not included in the statistical returns that HMRC receives from providers.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many mature Child Trust Fund accounts that were opened by HM Revenue and Customs remain unclaimed, and what the estimated total value is of those accounts.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government recognises it is vital to step up efforts to reunite young people with their unclaimed matured Child Trust Funds (CTFs), regardless of whether the account was opened by HMRC or by a parent. Around three million accounts have now matured, of which over three quarters of a million remain unclaimed. Recognising the scale of the challenge and building on existing steps, the Government has put in place three new initiatives.

Firstly, HMRC will be carrying out social research to better understand the barriers that may prevent young people from engaging with their CTF. This work will improve our understanding of how young people respond to communications about their accounts, and how Government and industry can encourage more account holders to act.

Secondly, HMRC will be writing directly to 21 year olds whose matured CTFs remain unclaimed. These letters will make young people aware that they have a CTF and encourage them to take steps to claim it.

Thirdly, Government has launched a dedicated CTF Taskforce, bringing together Government and CTF providers to improve tracing approaches and identify more effective ways to engage young people.

Information on CTFs is available in HMRC’s Annual Savings Statistics published on Gov.uk:

www.gov.uk/government/statistics/annual-savings-statistics-2025

We cannot provide the number or total value of matured CTFs that were opened by HMRC because the information required to identify these accounts is not included in the statistical returns that HMRC receives from providers.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the answer of 20 April 2026, to Question 124647, on Licensing Premises: Business Rates, what special category code the HMRC Valuation Office uses for the business rates valuation of a wine bar.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

I refer the member to the answer given to Question UIN 106140 on 21 January 2026.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the proposed publication date by the HMRC Valuation Office for the draft council tax valuation list in Wales is, following the council tax revaluation.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

Section 20 of the Local Government Finance (Wales) Act 2024 states that publication of the proposed valuation list will either be no later than the 1 September before the date on which the list is to be compiled in a revaluation year, or another date set out by Welsh Ministers in an order.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the answer of 21 April 2026, to Question 126749, on Council Tax: Surcharges, what the evidential basis is for residential dwellings being liable for both taxes, including the proposed higher level for foreign owners under the new surcharge.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

The Annual Tax on Enveloped Dwellings (ATED) applies to companies that own UK residential property worth more than £500,000. ATED is intended to tackle tax avoidance, ensuring those who 'envelope' residential properties, by owning or purchasing them through corporate structures without a commercial purpose, pay a fair share of tax.

The High Value Council Tax Surcharge (HVCTS) will apply to owners of residential properties in England worth £2 million or above. Some companies who are currently liable to pay ATED will be in scope of the HVCTS. The government sought views through consultation on a non-resident surcharge for HVCTS, a response will be published in due course.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the speech by the Exchequer Secretary to the Treasury to the Institute for Government on 29 June 2026, whether Ministers make operational decisions regarding the deployment of Officers of Revenue & Customs appointed under Section 2 of the Commissioners for Revenue and Customs Act 2005, and if she will make a statement.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

I am accountable to Parliament for the overall strategic priorities, resourcing and performance of HMRC. As set out in the Commissioners for Revenue and Customs Act 2005, HMRC Commissioners are responsible for decisions regarding the deployment of Officers of Revenue and Customs.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the answer of 23 June 2026, to Question 9591, on Business Rates: Retail Trade, what the evidential basis is for the total business rate bills paid by the retail sector in 2026-27 compared to 2025-26.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

The evidential basis is analysis conducted by the Ministry of Housing, Communities and Local Government (MHCLG) using property-level rateable value data from the Valuation Office, alongside local authority returns, as published in MHCLG’s National Non-Domestic Rates statistics.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the average time taken by HM Revenue and Customs is to issue a clearance certificate in respect of a deceased person's estate after tax due has been paid; and what steps her Department is taking to reduce that time.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the adequacy of the capacity of HM Revenue and Customs to process additional inheritance tax cases arising from the inclusion of unused pension funds in estates from April 2027.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the average waiting time was for callers to HM Revenue and Customs helplines dealing with bereavement and estates in each of the last two years.

Answered by James Murray - Financial Secretary to the Treasury and Paymaster General

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate his Department has made of the cost savings which will result from ending the retirement savings function of the Lifetime ISA under the new First-Time Buyer ISA.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government recognises that the Lifetime ISA (LISA) is not working for everyone and that its dual purpose of supporting both home ownership and retirement saving can create complexity for savers. The Government is therefore consulting on a new FTB ISA product, setting out options for a simpler product focused on supporting first-time buyers.

The Government is carefully considering responses to the FTB ISA consultation, including the fiscal impact of different design. Any decisions on the detailed design of the product, including matters affecting Exchequer costs, will be taken in the round and announced in the usual way.

The published FTB ISA consultation confirmed that until the new product is offered it will be possible to open a LISA. After the new product is introduced, it will not be possible to open a LISA, but existing LISA holders, including those currently using the LISA for retirement, will continue to be able to use their accounts in line with the existing rules. More information can be found here First Time Buyer ISA consultation - GOV.UK.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment has been made of the potential impact on peoples' retirement savings of replacing the Lifetime ISA with the proposed First-Time Buyer ISA.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government recognises that the Lifetime ISA (LISA) is not working for everyone and that its dual purpose of supporting both home ownership and retirement saving can create complexity for savers. The Government is therefore consulting on a new FTB ISA product, setting out options for a simpler product focused on supporting first-time buyers.

The Government is carefully considering responses to the FTB ISA consultation, including the fiscal impact of different design. Any decisions on the detailed design of the product, including matters affecting Exchequer costs, will be taken in the round and announced in the usual way.

The published FTB ISA consultation confirmed that until the new product is offered it will be possible to open a LISA. After the new product is introduced, it will not be possible to open a LISA, but existing LISA holders, including those currently using the LISA for retirement, will continue to be able to use their accounts in line with the existing rules. More information can be found here First Time Buyer ISA consultation - GOV.UK.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will publish an economic impact assessment comparing the proposed First-Time Buyer ISA with the Lifetime ISA.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government recognises that the Lifetime ISA (LISA) is not working for everyone and that its dual purpose of supporting both home ownership and retirement saving can create complexity for savers. The Government is therefore consulting on a new FTB ISA product, setting out options for a simpler product focused on supporting first-time buyers.

The Government is carefully considering responses to the FTB ISA consultation, including the fiscal impact of different design. Any decisions on the detailed design of the product, including matters affecting Exchequer costs, will be taken in the round and announced in the usual way.

The published FTB ISA consultation confirmed that until the new product is offered it will be possible to open a LISA. After the new product is introduced, it will not be possible to open a LISA, but existing LISA holders, including those currently using the LISA for retirement, will continue to be able to use their accounts in line with the existing rules. More information can be found here First Time Buyer ISA consultation - GOV.UK.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the economic impact of the Listings Taskforce increasing the number of UK listings.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy. This document sets out the government’s ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets as a core pillar of the strategy.

As part of this strategy, the government established a Listings Taskforce to support businesses to list and grow in the UK. HM Treasury continues to work in partnership with the Office for Investment, and industry, to ensure the UK attracts the best and brightest businesses from around the world, and right here in the UK, to list on UK markets.

Since 2025, more than £25.8bn of equity capital has been raised in London through follow-on issuances and IPOs.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of allowing a private equity firm to use public funds to impose a lower value bid on UK retail shareholders on confidence in the London market and promoting wider share ownership.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

It is not for the Government to comment on the investment strategies of individual firms. These activities are undertaken within a regulatory framework that provides safeguards for both market integrity and investor protection.

Private equity managers in the UK are primarily regulated by the Financial Conduct Authority under the Alternative Investment Fund Managers Regulations (AIFMR). Private equity investment is also shaped by broader UK legislative and regulatory regimes, including the National Security and Investment Act, Competition and Markets Authority oversight, and the Takeover Code.

More broadly, UK public markets operate within a comprehensive regulatory framework overseen by the Financial Conduct Authority, including rules designed to protect investors and support confidence in UK capital markets.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of Making Tax Digital on small businesses.

Answered by Dan Tomlinson - Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)

The government has worked with taxpayers, representative bodies and software developers to ensure Making Tax Digital (MTD) for Income Tax works well for businesses of all types and sizes.

MTD will help businesses and landlords keep on top of their tax affairs. It places small businesses on a more digital footing, with digital tools helping to reduce errors and making annual tax returns easier.

The government has worked with the software industry to ensure a wide range of options are available to suit different needs and budgets, including low-cost and free software, supporting those with the simplest affairs. Many products are designed for users who manage their own tax affairs or those new to digital tools.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an estimate of the additional annual cost to the Exchequer of increasing Official Development Assistance spending from 0.3 per cent to 0.7 per cent of Gross National Income in each of the next five financial years.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

At Spring Statement 2025 the Government took the decision to reduce the UK ODA budget to the equivalent of 0.3% of GNI by 2027 to fund a necessary increase in defence spending. Spending Review 2025 details departmental ODA budgets 2025/26 to 2028/29 that reflect this decision. The Government monitors future forecasts closely and will review and confirm, in accordance with the International Development (Official Development Assistance Target) Act 2015 whether a return to spending 0.7% of GNI on ODA is possible against the latest fiscal forecasts.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment the Financial Conduct Authority has made of the potential impact of charging active management fees on fund holdings invested in passive index-tracking products on its Consumer Duty and fair value requirements.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

This is a matter for the Financial Conduct Authority (FCA), which is an independent, non-governmental body. The FCA will respond to the hon. Member, and a copy of the letter will be placed in the Library of the House of Commons.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Financial Conduct Authority has undertaken a (a) review and (b) follow-up assessment of the findings of the 2017 Asset Management Market Study; and if he will publish any resulting findings.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

This is a matter for the Financial Conduct Authority (FCA), which is an independent, non-governmental body. The FCA will respond to the hon. Member, and a copy of the letter will be placed in the Library of the House of Commons.

Found: HM Treasury leads the UK’s overall participation in EU programmes, including co -chairing the relevant

Found: Strategy: Making Defence an Engine for Growth (CP 1388, 2025) 84–91 (‘Fixing Defence Procurement’); HM Treasury

Found: HM Treasury thanks the Committee for its question and the opportunity to clarify the above point. 3.

Found: information requested to be shared with the BTPC to enable BTPC to offer assurance that the conditions set by HMT

Found: to report into the NS&I Board’s Business Transformation Programme Committee (also attended by HM Treasury

Found: HMT 70 13.1. HM Treasury 70 13.2. National Wealth Fund (NWF) 71 14. Home Office 73 15.

Found: 16 July 2026 Dear Chair, Thank you for your letter regarding the Government’s HMT

Found: the Treasury's latest efficiency exercise with Departments being led by HM Treasury

Found: 23) HMRC HMRC 5,463,473 8,196,847 1,041,204 HMRC Valuation Office Agency (VOA) 4,643,996 HMT

Found: Joint letter from the Permanent Secretary at HM Treasury, the Permanent Secretary at the Department for

Found: With GBE currently being in set-up phase, HM Treasury have set limited delegations for the company and

Found: The FCDO, the British Council, and HM Treasury are now formally agreed on the key terms of the long-term

Found: publication of the Price Control Financial Model for SZC (RAB expenditure and consumer impact) Spring HMT

Found: support and performance management infrastructure, but there are also other factors at play. 2.2 HM Treasury

Found: remains centralised and risk-averse The NAO (2026) highlights that departments agree objectives with HM Treasury

Found: granted under the Crown Estate Act 2025, the Committee should also ask what independent assessment HM Treasury

Found: The public accountability question is whether the current framework gives Parliament, HM Treasury, the

Found: (see below for examples) 19 HM Treasury Green Book identifies "optimism bias" as the main project risk

Found: . ● DfT and HM Treasury: publish an Euston funding waterfall before relying on private finance assumptions

Found: precisely because cost and schedule under-estimation in major projects is systematic and predictable (HM Treasury

Found: robust, evidence-based and reflects the current security environment before it is submitted to HM Treasury

Found: TCN0110 - HM Treasury and the economics of climate and nature UK Sustainable Investment and Finance Association

Found: risks it losing steam. 28.Homes England alone will struggle to be the leading agent, particularly if HMT

Found: , agreeing the precise expected costs and the best approach to funding these costs will be for HM Treasury

Found: HM Treasury will therefore work closely with the Northern Ireland Executive to ensure that households

Found: We will continue to engage with HM Treasury, in particular to understand the implications of the remaining

Found: Social: @houseofcommons parliament.uk Richard Lloyd OBE Chair, Access to Banking Services Review HM Treasury

Found: As HMT have previously acknowledged, oil and gas decommissioning reliefs are far more generous than

Found: . • That HM Treasury structure EPL reform as a conditional exchange, requiring industry co-funding of

Found: which already features defence as one of the eight growth sectors, the Office for Investment and HM Treasury

Found: MC2026/08117 HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ Helen Hayes MP House of Commons London

Found: of Great Grimsby & Cleethorpes Minister for Investment Department for Business and Trade & HM Treasury

Question to the Department for Business, Innovation, Science and Trade:

To ask the Secretary of State for Business, Innovation, Science and Trade, what other government departments are part of DRIVE35.

Answered by Blair McDougall - Parliamentary Under-Secretary of State (Department for Business, Innovation, Science and Trade) (Jointly with the Department for Energy Security and Net Zero)

DRIVE35 is led by the Department for Business, Innovation, Science and Trade (BIST) and is delivered in partnership with the Advanced Propulsion Centre and Innovate UK. Launched by our modern Industrial Strategy, DRIVE35 is the biggest government investment in the automotive industry of the post war era. With £4bn in capital and R&D funding to 2035, DRIVE35 will accelerate UK innovation in strategic vehicle technologies, support their commercial scale up, and unlock investment across all aspects of automotive manufacturing and electrification. DRIVE35 forms part of the Government's Industrial Strategy, which is delivered through a whole-of-government approach. As part of its implementation, BIST works closely with a range of departments, including DfT, HM Treasury and DESNZ.

Question to the Department for Transport:

To ask the Secretary of State for Transport, what discussions she has had with the Treasury on aligning transport funding in the East Midlands with other areas in England.

Answered by Simon Lightwood - Parliamentary Under-Secretary (Department for Transport)

All local transport authorities – including those in the East Midlands – have been provided with multi-year consolidated local transport funding settlements over the current Spending Review Period (2026/27 to 2028/29 for resource funding and 2029/30 for capital funding). This funding is largely allocated by formula to provide suitable funding to all areas.

Local transport funding allocations beyond this time period will be considered as part of work led by HM Treasury at a future Spending Review.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what plans his Department has to address the temporary accommodation subsidy gap.

Answered by Stephen Timms - Minister of State (Ministry of Housing Communities and Local Government) (Equalities)

This Government is focused on delivering long-term solutions to reduce homelessness and reliance on temporary accommodation, including increasing the supply of affordable and social housing. We are also working to ensure that temporary accommodation represents good value for money and is sustainable for local authorities as demand continues to rise. The Department is working closely with other Government departments, including MHCLG and HM Treasury, as part of wider cross-government work on homelessness, including considering how the system can sustainably fund good-quality temporary accommodation. The Department continues to keep Housing Benefit subsidy arrangements for temporary accommodation under review as part of this work.

Question to the Cabinet Office:

To ask His Majesty's Government what assessment they have made of the implications for Northern Ireland of the decision to transfer responsibility for local economic growth from HM Treasury to Number 10 North.

Answered by Baroness Twycross - Parliamentary Secretary (Cabinet Office)

The Prime Minister wants power, opportunity and investment spread more fairly across the country, so that every town, city and community can share in economic success. No10 North is about taking power and decision-making out of Westminster and putting it closer to people's lives.

Question to the Department for Business, Innovation, Science and Trade:

To ask the Secretary of State for Business, Innovation, Science and Trade, what assessment has he made of the potential merits of choosing locations within the Huntingdon constituency for the Strategic Sites Accelerator programme.

Answered by Chris McDonald - Minister of State (Department of Health and Social Care)

The Office for Investment has engaged with the Cambridgeshire and Peterborough Mayoral Strategic Authority and received information on a number of potential opportunities, including Cross Point Logistics Park and Peterborough Science and Technology Park. No formal appraisal of these sites has yet been undertaken as we await programme approvals from HM Treasury. We will continue to engage with the Mayoral Strategic Authority and developers, with potential investments considered against programme criteria once these have been finalised and applied consistently across the UK.

Question to the Department for Business, Innovation, Science and Trade:

To ask the Secretary of State for Business, Innovation, Science and Trade, on what date did HM Treasury provide final approval for the Strategic Sites Accelerator programme.

Answered by Chris McDonald - Minister of State (Department of Health and Social Care)

The Strategic Sites Accelerator programme has not yet received final programme approvals. The Office for Investment has carried out significant preparatory work, including a wide market engagement and procuring a National Delivery Partner and is working closely with the National Wealth Fund to establish the programme, with approvals currently expected in September 2026. Timelines have been impacted by the reorganisation of capital budgets across Government following the Defence Investment Plan. We continue to work with HM Treasury and delivery partners to secure the necessary approvals and deliver the programme.

Question to the Department for Transport:

To ask the Secretary of State for Transport, with reference to section 5 of the Government Efficiency Framework, if he will publish the most recent quarterly efficiency report provided by the Office of Rail and Road.

Answered by Keir Mather - Parliamentary Under-Secretary (Department for Transport)

The Office of Rail and Road (ORR) has not provided a quarterly efficiency report under section 5 of the Government Efficiency Framework. ORR is not currently required to submit quarterly efficiency reports to HM Treasury and has not formally been asked to report progress against savings and efficiency measures through that mechanism. ORR has, however, identified savings and technical efficiencies as part of the 2025 Spending Review process and reports on its financial and operational performance through its published governance and reporting arrangements, including its Annual Report and Accounts.

Found: In 2010/11, around £2.2 billion was allocated to local authorities for Sure Start. 56 53 HM Treasury

Found: use, right place • future-ready decisions • adaptive by design14 b The 2026 revision of the HM Treasury

Found: have been properly prepared in accordance with the Government Resources and Accounts Act 2000 and HM Treasury

Found: For media enquiries, contact HMT press office.

Found: For media enquiries, contact HMT press office.

Found: For media enquiries, contact HMT press office.

Found: Officer (EHO), Army, the Environmental Noise Officer (ENO) Royal Air Force (RAF) Health Monitoring Team (HMT

Found: Pension Scheme (LGPS) regulations, and with the Fair Deal for staff pensions guidance published by HM Treasury

Found: The CADMID/T lifecycle approach adheres to the HMT Green Book (which provides guidance to Government

Found: In the Orange Book - Management of Risk - Principles and Concepts, His Majesty's Treasury (HMT) defines

Found: must be carried out in line with the principles of the three Lines of Defence (LOD) as set out in the HMT

Found: have been paid by the recipient had they taken the loan from a commercial lender (a rate set by HM Treasury

Found: These figures come from campaign groups, journalists, and independent analysts, not DESNZ or HM Treasury

Found: We have used the default time horizon as suggested by HMT Green Book 70 as we do not think there is

Found: We have used the default time horizon as suggested by HMT Green Book87 as we do not think there is

Found: We have used the default time horizon as suggested by HMT Green Book 83 as we do not think there is

Found: Discounting this in line with HMT Green Book guidance provides the discounted lost revenue.

Found: recommendation - as part of the government’s response to the final report published in July 2025 of the HM Treasury-sponsored

Found: Digitisation Taskforce A group established by HM Treasury in 2022 to drive the digitisation of UK shareholding

Found: Consideration of long-list and alternatives 5.1 In line with HM Treasury Green Book guidance, the

Found: Instead, its independent assurance will provide HMT and DfT with confidence in GBR’s practices.

Found: collection is to provide in-year expenditure data which is used for fiscal monitoring and forecasting by HM Treasury

Found: HM. Treasury TREAS 3 1 0.333333333333333 0 0 10 4 0.4 0 0 12 6 0.5 2 0.166666666666667 7 2 0.285714285714286

Found: HM. Treasury TREAS 3 1 0.333333333333333 0 0.0 10 4 0.4 0 0.0 12 6 0.5 2 0.166666666666667 7 2 0.285714285714286

Found: subsequent FYs From 2018/19, the unit cost includes depreciation costs in order to bring it in line with HM Treasury

Found: No cross-scheme platform exists for shared learning or co-ordinated engagement with HM Treasury.

Found: HM Treasury and HM Revenue & Customs also have an interest in the proposal given their respective responsibilities

Found: The estimated economic transfer is: 161 HM Treasury and Government Finance Function (2026), The Green

Found: DIT DEFRA DFE DFT HMT 03/08/20 Redacted 1.

Found: House,, John Islip Street,, Hewell, LONDON, United Kingdom SW1P 4LH Central Government 10008665 HM Treasury

Found: The Authority may terminate for convenience due to e.g. a change in government policy or expiry of HMT

Found: Rotherham Worker (A rating) Skilled Worker HM Trading Ltd Glasgow Worker (A rating) Skilled Worker HM Treasury

Found: Rotherham Worker (A rating) Skilled Worker HM Trading Ltd Glasgow Worker (A rating) Skilled Worker HM Treasury

Found: Rotherham Worker (A rating) Skilled Worker HM Trading Ltd Glasgow Worker (A rating) Skilled Worker HM Treasury

Found: The recommendations will follow public sector pay guidance and HM Treasury guidance on the approval

Found: The recommendations will follow public sector pay guidance and HM Treasury guidance on the approval of

Found: Previously a senior Civil Service economist at HM Treasury, HMRC and the Cabinet Office,

Found: Previously a senior Civil Service economist at HM Treasury, HMRC and the Cabinet Office, including in

Found: Officer (EHO), Army, the Environmental Noise Officer (ENO) Royal Air Force (RAF) Health Monitoring Team (HMT

Found: On 11 August 2026, the Office of Financial Sanctions Implementation (“OFSI”), part of HM Treasury, imposed

Found: On 11 August 2026, the Office of Financial Sanctions Implementation (“OFSI”), part of HM Treasury, imposed

Found: House,, John Islip Street,, Hewell, LONDON, United Kingdom SW1P 4LH Central Government 10008665 HM Treasury

Found: These figures come from campaign groups, journalists, and independent analysts, not DESNZ or HM Treasury

Found: to be driven with the full authority of the very centre of government in close partnership with HM Treasury

Found: financial services expert and economist with senior experience at the London Stock Exchange Group and HM Treasury

Found: They follow guidance prescribed by DHSC and are in line with HM Treasury requirements.

Found: It accorded with HM Treasury guidance, including the Corporate Governance Code of Good Practice 2011

Found: The risk profile has reduced following HM Treasury approval to consult on amendments to some of our

Found: During the year work has continued with DfT, HM Treasury and ministers to agree the necessary changes

Found: safeguarding Nest Corporation’s assets are set out in Managing Public Money published by the HM Treasury

Found: safeguarding Nest Corporation’s assets are set out in Managing Public Money published by the HM Treasury

Found: collection is to provide in-year expenditure data which is used for fiscal monitoring and forecasting by HM Treasury

Found: subsequent FYs From 2018/19, the unit cost includes depreciation costs in order to bring it in line with HM Treasury

Found: JENNY GILRUTH 1 Annex A: Income tax outturn reconciliation 2024-25: joint statement with HM Treasury