Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when she expects the Office for Budget Responsibility to publish its first set of areas of research interest, as stated in the Economic and Fiscal Outlook - November 2025, published on 26 November 2025.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Office for Budget Responsibility (OBR) has full discretion over the timing of its own publication programme.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 17 March 2026 to Question 118908, what assessment underpins increases in rateable values of up to 295% for UK civil airports between 1 April 2021 and 1 April 2024; and what specific economic indicators were used to determine those increases.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

All assessments are underpinned by statutory assumptions defined in Schedule 6 of the Local Government Finance Act 1988.

For the 2026 revaluation, we consider general economic circumstances and the receipts and expenditure relevant to individual airports at the valuation date 1 April 2024. As this is the first revaluation since Covid, a large number of ratepayers may see a significant increase in rateable value compared to the previous valuation date 1 April 2021, when the country was in a pandemic lockdown.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many Valuation Office Agency staff were assigned to the council tax revaluation in Wales.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Resource on preparations for the 2028 Council Tax revaluation in Wales has ranged from between 56 to 68 Full Time Equivalent staff in recent years.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps HMRC is taking to ensure retirees and others with pensions and savings get clear help in avoiding mistakes with tax codes.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

HMRC is committed to helping retirees and others with pensions and savings understand their tax position and avoid errors with their tax codes.

Most people who receive a pension or savings income pay the right tax automatically through Pay As You Earn (PAYE). HMRC uses information provided by pension providers, banks and building societies to set and update tax codes, and continues to improve how this data is used to increase accuracy and reduce the risk of errors.

Where changes are made to a tax code, HMRC provides clear explanations so customers understand why an adjustment has been made and what action, if any, is needed. Customers can check and update their details online through their Personal Tax Account or the HMRC app, and can contact HMRC directly if something does not look right.

HMRC also recognises that some retirees may find tax matters more complex or may not be able to use digital services. For these customers, HMRC provides alternative support, including telephone and postal services, clear written guidance, and trained advisers who can offer tailored and empathetic help.

HMRC continues to improve its guidance and communications, including plain‑English information designed around real‑life situations, to help people better understand their tax affairs and avoid common mistakes.

Question to the HM Treasury:

To ask His Majesty's Government how many parents have (1) taken neonatal care leave, (2) received neonatal care pay, and (3) received both neonatal care leave and pay, since the Neonatal Care (Leave and Pay) Act 2023 came into force on 6 April 2025.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

HMRC does not hold information on (1) the number of parents that have taken Neonatal Care Leave and (3) the number of parents that have received both Neonatal Care Leave and Pay.

HMRC does hold data on Statutory Neonatal Care Pay provided by Real Time Information, HMRC’s database that holds Pay as You Earn information relating to employees. Using data from April-December 2025, an estimated 1,900 individuals were in receipt of Statutory Neonatal Care Pay. This data was extracted from HMRC’s Real-Time Information in January 2026 and is subject to revision or updates.

Question to the HM Treasury:

To ask His Majesty's Government what the average length of neonatal care leave has been since 6 April 2025; and whether they will publish a breakdown of the number of parents taking neonatal care leave for each individual week of entitlement.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

HMRC does not receive data on exact claim duration. However, it is possible to estimate the duration of a claim based on total amounts of Statutory Neonatal Care Pay claimed. The average length of a claim is currently estimated at 2.3 weeks. The distribution of this is shown in the table below:

Notes:

1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2025. RTI is subject to revision or updates.

2) Cases have been rounded to nearest 100.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has had discussions with the Secretary of State for Health and Social Care on the potential merits of providing grants or financial support to vending operators to meet compliance costs arising from age verification requirements.

Answered by James Murray - Chief Secretary to the Treasury

The Chancellor has regular discussions with the Secretary of State for the Department for Health and Social Care (DHSC) on a range of issues.

DHSC ran a 12-week consultation on proposals for the ban of high-caffeine energy drinks to children under 16 years from 3 September to 26 November 2025. This included seeking views on how the ban should apply in vending machines.

DHSC is now carefully considering the responses and will publish the government response in due course, setting out the consultation outcome and any next steps.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the inclusion in the UK Government Green Financing Framework, November 2025, paragraph 2.12, of the new exclusion of "Facilities intended for the production of weapons grade nuclear material or for other primarily military uses" on levels of divestment in the Defence nuclear industry, including Trident renewal contracts and sub-contracts.

Answered by James Murray - Chief Secretary to the Treasury

The Green Financing Framework, updated in 2025, explains how proceeds from green gilts and NS&I’s retail Green Savings Bonds will finance public expenditures that deliver a direct and positive environmental impact.

The Defence Nuclear Enterprise is critically important but does not primarily exist to support those objectives and so is not eligible to be financed under the Framework. This exclusion is in line with international norms for green bond frameworks.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential combined impact of the 2025 Budget announcement introducing pay per mile charges on electric vehicles, particularly its effect on consumer demand for EVs, and the Zero Emission Vehicle (ZEV) mandate on manufacturers; and what steps her Department is taking to balancing these measures to support businesses in the automotive supply chain.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028, to create a fair tax system whilst also taking steps to ensure that driving an electric vehicle (EV) remains an attractive choice for consumers.

The rate of eVED for EVs will be half of the equivalent fuel duty rate paid by the average petrol/diesel driver, ensuring that EVs are cheaper to own and run for the majority of EV drivers.

Alongside eVED, the Government also announced at Budget 2025 generous additional support to incentivise the use of electric vehicles, including £1.3 billion of additional funding for the Electric Car Grant (ECG), £200 million for chargepoint rollout, and increasing the VED Expensive Car Supplement (ECS) threshold to £50,000 for EVs. To support manufacturers and the automotive sector supply chain, the Government announced an extension of funding for the Drive 35 (Driving Research & Investment in Vehicle Electrification) programme and a delay to proposed changes to Employee Car Ownership Schemes (ECOS) alongside transitional arrangements.

As set out by the OBR, the estimated net impact of eVED and other Budget measures, including the ECG and ECS, is 120,000 fewer new EV sales across the forecast period. This is against a baseline which assumes EV sales more than triple from 2025-26 levels by 2030-31, which means the net impact of eVED represents only 2% of total new EV sales in the period.

The Government has set out expected impacts from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions she has had with the leisure centre and gym sector on the impact of business rates on the financial sustainability of that sector.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.

To respond to those who are seeing large increases, Government has already acted to limit increases in bills, announcing a support package worth £4.3 billion package at the Budget.

The Government is also introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.

The Government published information on the effects of the changes to business rates made at Budget 2025 here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier#multipliers

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will have discussions with the Secretary of State for Culture, Media and Sport on the impact of business rate costs on the ability of the gym and leisure centre sector to provide services for the health and wellbeing of communities.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.

To respond to those who are seeing large increases, Government has already acted to limit increases in bills, announcing a support package worth £4.3 billion package at the Budget.

The Government is also introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.

The Government published information on the effects of the changes to business rates made at Budget 2025 here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier#multipliers

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will introduce updated guidance for the inclusion of community and independent gym and leisure facilities within RHL relief categories.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.

To respond to those who are seeing large increases, Government has already acted to limit increases in bills, announcing a support package worth £4.3 billion package at the Budget.

The Government is also introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.

The Government published information on the effects of the changes to business rates made at Budget 2025 here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier#multipliers

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of business rates on the sustainability of the leisure centre and gym sector.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.

To respond to those who are seeing large increases, Government has already acted to limit increases in bills, announcing a support package worth £4.3 billion package at the Budget.

The Government is also introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.

The Government published information on the effects of the changes to business rates made at Budget 2025 here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier#multipliers

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 20 February 2026 to Question 111693 on Business Rates: Valuation, on how many occasions estimates were provided by the Valuation Office Agency to Ministers between 1 April 2024 and the publication of the draft Rating List.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The VOA provided five data drops from 1 April 2024 to the publication of the draft rating list.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Joint statement from Finland, the Netherlands, and the United Kingdom on joint defence financing and procurement, published on 17 March 2026, whether the new finance mechanism will be used to stockpile munitions.

Answered by James Murray - Chief Secretary to the Treasury

The mechanism the Chancellor announced on 17 March will increase the availability of munitions and other critical capabilities when we need them most.

Similar to other international financial institutions, we expect that capital will be paid in based on countries’ GDP share, and that this will leverage many multiples more capital via private sector funding. The precise set-up is now being explored, and HMT and MOD are working together with finance and defence ministries across partner countries.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Joint statement from Finland, the Netherlands, and the United Kingdom on joint defence financing and procurement, published on 17 March 2026, whether the new finance mechanism will sit within her Department.

Answered by James Murray - Chief Secretary to the Treasury

The mechanism the Chancellor announced on 17 March will increase the availability of munitions and other critical capabilities when we need them most.

Similar to other international financial institutions, we expect that capital will be paid in based on countries’ GDP share, and that this will leverage many multiples more capital via private sector funding. The precise set-up is now being explored, and HMT and MOD are working together with finance and defence ministries across partner countries.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Joint statement from Finland, the Netherlands, and the United Kingdom on joint defence financing and procurement, published on 17 March 2026, what the cost is of creating the new finance mechanism.

Answered by James Murray - Chief Secretary to the Treasury

The mechanism the Chancellor announced on 17 March will increase the availability of munitions and other critical capabilities when we need them most.

Similar to other international financial institutions, we expect that capital will be paid in based on countries’ GDP share, and that this will leverage many multiples more capital via private sector funding. The precise set-up is now being explored, and HMT and MOD are working together with finance and defence ministries across partner countries.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of property-based business taxation, such as business rates, on business investment and productivity.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Call for Evidence on business rates and investment closed on 18 February. It asked stakeholders for more detailed evidence on how the business rates system influences investment decisions, with questions on the business rates system’s tax structure, small business rates relief, improvement relief and empty property relief.

The Government is carefully considering representations we’ve received, and a response to the Call for Evidence will be published in due course.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she plans to review the long-term structure of business rates in England.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Call for Evidence on business rates and investment closed on 18 February. It asked stakeholders for more detailed evidence on how the business rates system influences investment decisions, with questions on the business rates system’s tax structure, small business rates relief, improvement relief and empty property relief.

The Government is carefully considering representations we’ve received, and a response to the Call for Evidence will be published in due course.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many pubs with special category code (a) 226 and (b) 227 were on the Rating List (a) in July 2024 and (b) the most recent period for which figures are held, in each local authority area.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Valuation Office Agency publishes data relating to your request annually, in the NDR stock of properties which can be found here.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has had discussions with garage owners on the potential impact of the cost of taking EV cars to have their pay per mile mileage checked for eVED on motorists.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028, to create a fair tax system whilst also taking steps to ensure that driving an electric vehicle (EV) remains an attractive choice for consumers.

The Government published a consultation which set out further detail on how eVED will work and sought views on its design and implementation. This included a commitment to engage with garages on the costs of mileage checks and MOT fees.

As part of the consultation process, the government has undertaken a programme of engagement involving a range of stakeholders, including garages, and is committed to continuing to engage closely on the implementation of eVED in the lead up to April 2028.

The consultation closed on 18 March 2026. The government is considering responses and will publish a response in due course.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 3 March 2026 to Question 115998, if she will publish the full list of factors used to calculate the (a) rate for each vehicle and (b) rates and thresholds rates and thresholds of taxes and reliefs.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Vehicle Excise Duty (VED) is a tax on vehicles used or kept on public roads, and as in my previous response, rates for different vehicles vary according to a range of factors.

The rates payable for different vehicle types and the factors which determine them are set out in the V149 and V149/1 rates tables published by the Driver and Vehicle Licensing Agency (DVLA), and which can be found here: https://www.gov.uk/government/publications/rates-of-vehicle-tax-v149

The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. The Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, who is responsible for the regulation of sports and non-financial spread bets in the UK.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Financial Conduct Authority (FCA) has clarified that non-financial spread betting products are not financial instruments, and that the FCA’s regulatory framework does not account for gambling activity in relation to events which are not connected to financial markets.

Furthermore, the Gambling Commission does not licence products whose name, branding or marketing contain language associated with financial products, and understands spread bets of all kinds to potentially fall within the FCA’s remit.

The FCA advises that consumers who take positions in sports or other non-financial betting products should not assume they are eligible for financial compensation schemes or other financial regulatory protections.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential implications for her policies of the costs associated with legal processes required to access Child Trust Funds and Junior ISAs for disabled young people.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to enable disabled young people to access funds held in Child Trust Funds and Junior ISAs when they turn 18.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to simplify the process for families seeking access to Child Trust Funds and Junior ISAs for disabled young people.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions she has had with the Governor of the Bank of England on the potential impact of climate and nature-related risks on (a) the economy and (b) financial stability; and what steps her Department is taking to coordinate with the Bank of England in response to those risks.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

HM Treasury has a comprehensive framework for assessing and managing risks to the economic outlook and to financial stability. This includes systematic monitoring through internal risk monitors, risk governance forums, and collaboration with other government departments such as the Department for Environment, Food & Rural Affairs and the Department for Energy Security and Net Zero in relation to the impacts of climate change and nature related risks.

The Chancellor’s latest remit and recommendations letter to the Financial Policy Committee (FPC) asks the Committee to consider how climate-related risks could affect financial stability over the near and long term, and to continue to assess the materiality of nature-related risks to its primary objective. The remits for the FPC and Prudential Regulation Committee also make clear that they should support the Government’s approach to accelerate the transition to a climate-resilient, nature-positive and net zero economy.

HMT and the Bank of England meet regularly to discuss the financial stability outlook.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she is considering additional financial support for people who lost their businesses during the covid-19 pandemic.

Answered by James Murray - Chief Secretary to the Treasury

The Government recognises the profound impact which the Covid-19 pandemic had on individuals and businesses across the country. While the pandemic may have receded, the challenges for many small businesses still persist. This is why the Government published the Small Business Plan in July 2025, delivering the most comprehensive package of SME support in a generation, including legislating to end late payments, reducing regulatory burdens, supporting exporters, and investing in skills.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of investment‑market volatility on retirees using income drawdown arrangements; and if she will conduct a review of (a) pension provider fee structures, particularly charging full management fees during periods of negative fund performance and (b) the adequacy of safeguards for retirees who are reliant on drawdown income.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Individuals do face both investment and longevity risk in today’s Defined Contribution pension landscape, That can include investment risk during retirement. The government is acting to help savers manage these risk, including via the introduction of default pensions through the Pension Schemes Bill. This will ensure that savers in workplace defined contribution schemes have a default solution in place for retirement, helping secure a sustainable income in later life. Trustees and providers will need to consider how the solution they put in place help protect individuals from investment and longevity risks.

FCA rules already require drawdown providers to provide annual statements to consumers which contain enough information for them to review their position. This ensures that consumers can make choices regarding their drawdown arrangements on an informed basis.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when she intends to publish an answer to Question 113817, tabled on 20 February 2026, on Public Houses: Business Rates.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

I refer the Hon Member to the answer given to Question UIN113817 on 1 April 2026.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 January 2026 to Question 102817 on Public Houses: Business Rates, if he will provide a hyperlink to the requested information cross-referenced by each individual billing authority in England.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to ensure the UK remains internationally competitive in (i) sustainable finance and (ii) transition finance.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Financial Services Growth and Competitiveness Strategy set out the government’s vision for the UK’s sustainable finance regulatory framework, which prioritises championing the UK’s world leading sustainable finance sector to innovate and adapt to upcoming developments.

The government published the UK Sustainability Reporting Standards for voluntary use on 25 February. These aim to support long-term, sustainable decision-making by the business and investment community by providing high-quality and comparable information about the sustainability-related risks and opportunities that businesses face. These standards are closely aligned with the standards from the International Sustainability Standards Board and will support both companies and investors working across jurisdictional boundaries. The Financial Conduct Authority has also consulted on potential updates to its rules for listed companies.

The UK is also taking decisive action to ensure its financial services sector in supporting the global transition and is well placed to capture the opportunity of transition finance. The government has been working closely with the Transition Finance Council, which the Chancellor co-launched with the City of London Corporation in February 2025. It has also consulted on potential implementation options to take forward transition planning in a way that supports the market’s need for credible and decision-useful information, while encouraging action in line with the UK’s climate commitments and supporting economic growth. The government will publish its response in due course.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential for greater regulatory interoperability between the UK and Japan to reduce barriers to financial services exports.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Financial regulatory dialogues, including the Japan-UK Financial Regulatory Forum (FRF), are important in supporting cross-border trade in financial services and form a core part of the government’s approach to strengthening international partnerships, as set out in the Financial Services Growth and Competitiveness Strategy published in July.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to align the UK’s regulatory framework for (i) digital assets and (ii) stablecoins with key international partners to support global market access for UK firms.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The government is maintaining close engagement with the UK’s international partners on digital asset and stablecoin market access opportunities.

The government is committed to making the UK a leading global destination for digital assets.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has paid for followers on social media platforms it uses.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

HM Treasury does not pay for followers on any social media platforms.

Question to the HM Treasury:

To ask His Majesty's Government what the breakdown is of the uptake of neonatal care leave and pay by (1) mothers, and (2) fathers, since 6 April 2025.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Parents cannot receive more than one statutory payment at the same time, meaning Statutory Neonatal Care Pay (SNCP) is often taken at the end of Statutory Maternity Pay and Statutory Paternity Pay. As mothers can receive up to 39 weeks of maternity pay, and SNCP was introduced from April last year, many eligible mothers will have been in receipt of maternity pay at the point the data was extracted and may not yet have claimed SNCP.

Notes:

1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2025. RTI is subject to revision or updates.

2) Cases have been rounded to nearest 100.

3) Figures may not sum to totals due to rounding.

Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 18 March (HL15247), when they expect to reach a conclusion in their review of VAT for public bodies under section 41 of the Value Added Tax Act 1994.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

HM Treasury is currently analysing data provided by Section 41 bodies on their irrecoverable VAT and will set out the next steps to the reforms in due course.

Question to the HM Treasury:

To ask His Majesty's Government what data they hold on the number of commercial recording studios liable for non-domestic rates in each of the last ten years; and whether that data shows a rise or decline in the number of such studios up to 2026.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Valuation Office are working with the sector to ensure that recording studios are categorised as such. They publish an annual stock of properties which can be sorted by their Special Category (SCat) here: Non-domestic rating: stock of properties collection - GOV.UK. Recording studios can be found under SCat code 232. The total number of recording studios in England and Wales for the last ten years are:

2025 - 410

2024 - 410

2023 - 420

2022 - 420

2021 - 410

2020 - 400

2019 - 410

2018 - 400

2017 - 390

2016 - 390

Question to the HM Treasury:

To ask His Majesty's Government what plans they have, pending implementation of the review of the Financial Ombudsman Service, to issue interim guidance for cases where Financial Ombudsman Service decisions raise questions about the interpretation of regulatory responsibilities across the financial services sector; or to encourage the Financial Conduct Authority to do so.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).

The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.

The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.

The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.

The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure that the respective regulatory responsibilities are clearly defined between investment platforms, independent financial advisers and Self-Invested Personal Pension operators under Financial Conduct Authority rules.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government recently carried out a review of the Financial Ombudsman Service (FOS), and consulted on proposed changes to the statutory framework in which it operates. On 16 March, the Government published a response to its consultation on reforming the FOS, confirming it will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the FCA.

The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the Financial Conduct Authority (FCA) and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this led to the FOS acting as a quasi-regulator.

The Government’s reforms will amend the ‘Fair and Reasonable’ test to require that, where firms have met their obligations under relevant FCA Rules, the FOS will be required to find that a firm has acted fairly and reasonably. They will also make clear that the FOS can only consider rules that were in force at the time of the act or omission giving rise to a complaint. These reforms require primary legislation, which the government will take forward when Parliamentary time allows.

Alongside the Government’s planned legislative changes, the FCA and FOS are currently consulting on changes to the Dispute Resolution (DISP) rules in the FCA’s Handbook, which also proposes changes to address industry concerns about the potential for retrospective interpretation of FCA rules and standards.

All FCA authorised firms are subject to the same core regulatory requirements. The FCA communicates to firms, for example through their “Approach to Supervision” publication, that different business models including investment platforms and SIPP providers create different risk and therefore there are different expectations of the firms. The FCA expects firms to understand these risks and mitigate against them. Where appropriate, the FCA will clarify their expectations of different firms. Firms must also meet additional requirements, either rules or guidance, set out by the FCA depending on the specific regulated activities and permissions a firm undertakes and holds.

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure that the Financial Ombudsman Service fully utilises established consultation mechanisms, including the Wider Implications Framework between the Financial Ombudsman Service and the Financial Conduct Authority in cases with potential market-wide impact.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).

The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.

The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.

The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.

The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.

Question to the HM Treasury:

To ask His Majesty's Government, following the publication of their response to the review of the Financial Ombudsman Service, when they intend to (1) implement these reforms, and (2) introduce the necessary primary legislation.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).

The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.

The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.

The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.

The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the Financial Ombudsman Service's ability to set precedents that create new rules and thereby bypass the Financial Conduct Authority and established regulatory processes.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).

The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.

The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.

The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.

The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.

Question to the HM Treasury:

To ask His Majesty's Government what volume of ferrous scrap was imported into the UK in each of the last three calendar years, broken down by country of origin and by grade or category of scrap.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Question to the HM Treasury:

To ask His Majesty's Government what volume of iron ore imports into the UK there was in each of the last three calendar years, broken down by (1) fines, (2) pellets, (3) lump ore and (4) other iron-bearing feedstocks, and by country of origin.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The data on imports of ferrous scrap is given in table 1.

HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK. HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com ).

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure that Financial Ombudsman Service determinations do not impose new regulatory expectations on firms operating investment platforms or providing custody and administration services for Self-Invested Personal Pensions outside the Financial Conduct Authority framework; and what safeguards are in place to ensure that the Financial Ombudsman Service does not apply rules, standards or guidance retrospectively in its determinations.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government recently carried out a review of the Financial Ombudsman Service (FOS), and consulted on proposed changes to the statutory framework in which it operates. On 16 March, the Government published a response to its consultation on reforming the FOS, confirming it will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the FCA.

The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the Financial Conduct Authority (FCA) and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this led to the FOS acting as a quasi-regulator.

The Government’s reforms will amend the ‘Fair and Reasonable’ test to require that, where firms have met their obligations under relevant FCA Rules, the FOS will be required to find that a firm has acted fairly and reasonably. They will also make clear that the FOS can only consider rules that were in force at the time of the act or omission giving rise to a complaint. These reforms require primary legislation, which the government will take forward when Parliamentary time allows.

Alongside the Government’s planned legislative changes, the FCA and FOS are currently consulting on changes to the Dispute Resolution (DISP) rules in the FCA’s Handbook, which also proposes changes to address industry concerns about the potential for retrospective interpretation of FCA rules and standards.

All FCA authorised firms are subject to the same core regulatory requirements. The FCA communicates to firms, for example through their “Approach to Supervision” publication, that different business models including investment platforms and SIPP providers create different risk and therefore there are different expectations of the firms. The FCA expects firms to understand these risks and mitigate against them. Where appropriate, the FCA will clarify their expectations of different firms. Firms must also meet additional requirements, either rules or guidance, set out by the FCA depending on the specific regulated activities and permissions a firm undertakes and holds.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Budget Policy Costing 2025, November 2025, page 51, on the High Value Council Tax Surcharge, what proportion of the (a) -£60 million impact in 2025-26, (b) -£120 million impact in 2026-27 and (c) -£155 million impact in 2027-28 is from (i) lower stamp duty, (ii) lower capital gain tax, (iii) lower inheritance tax and (iv) lower Annual Tax on Enveloped Dwellings receipts, in each case and year.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The OBR publishes a breakdown of the Budget 2025 policy costings here:

Policy costings - Office for Budget Responsibility

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of whether building societies exercise their powers to terminate membership of their members fairly and proportionately.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government is keen to ensure that regulation is proportionate and gives building societies the flexibility to choose what works best for them within the mutual model. It would be inappropriate for the Government to comment on specific governance decisions taken by a building society within the legal framework.

A building society's membership policy is set out in the society's rulebook. If an individual feels procedure has not been followed, they can raise a formal complaint with the building society directly.

Where termination of membership also results in loss of access to a payment service, further protections may also apply. In June 2025, the Government legislated to require payment service providers to give customers at least 90 days’ notice before closing their account or terminating a payment service and provide a sufficiently detailed and specific explanation so the customer can understand why it is being terminated. These rules come into force for relevant new contracts from April 2026 and will ensure more transparent and predictable access to payment services, giving customers the time and information they need to challenge decisions or find alternative arrangements.

Question to the HM Treasury:

To ask His Majesty's Government what amount of interest has been paid to commercial banks on central bank reserves in each of the last ten years; and whether they have considered ending such payments.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Data on the interest paid on central bank reserves backed by bonds held in the Asset Purchase Facility is made publicly available by the Office for National Statistics in its monthly Public Sector Finances publication.

These data refer to reserves backed only by bonds held in the Asset Purchase Facility. While data on total interest paid is not available, the Bank of England does publish the aggregate level of outstanding reserves and the Bank Rate.

Paying interest on reserves is an important part of the transmission of monetary policy to the real economy and there are no plans to change the way reserves are remunerated at the Bank of England.

Question to the HM Treasury:

To ask His Majesty's Government what amounts associated with the Bank of England Asset Purchase Facility are included in the cumulative government debt; and whether they plan to exclude them from the total.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Information on the contribution to debt from the Bank of England and Asset Purchase Facility are routinely published in the monthly Public Sector Finances statistical release. The latest release, published by the Office for National Statistics on 20th March, showed that the impact on government debt from Asset Purchase Facility gilt holdings was £85.1 billion at the end of February 2026.

The Government's fiscal rules target net financial debt (Public sector net financial liabilities), to prioritise investment to drive long-term growth while getting debt falling as a share of the economy. Net financial debt includes the Bank of England’s balance sheet activities, including the Asset Purchase Facility.

Question to the HM Treasury:

To ask His Majesty's Government what plans they have to revise regulation of shadow banks following the collapse of Market Financial Solutions.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Treasury continues to work closely with the Bank of England and the regulators to monitor and respond to developments in the non-bank financial sector. The Treasury keeps the regulatory framework under review and is closely engaged in international work to understand and mitigate financial stability risks in respect of non-banks, including at the Financial Stability Board and G7.

Question to the HM Treasury:

To ask His Majesty's Government what was the value and volume of steel imported into the UK in each of the last three calendar years, broken down by country of origin; and what percentage of total steel imports each country accounted for in each year.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The data on imports of steel is given in the attached tables in Annex A (volume) and Annex B (value).

HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK. HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com ).

Abandon the policy of freezing the thresholds at which student loans are repaid and instead increase the repayment thresholds in line with inflation.

Since 2021 personal tax allowance has been frozen at £12,570. This freeze was due to expire this year but the Chancellor of the Exchequer has extended it to 2031.
We want to keep some more of our own money.

We call on Parliament to pass a law which exempts all pensioners from paying Council Tax. Current provisions only ensure that pensioners on the lowest incomes receive full relief, yet many others, particularly those on modest but above-threshold incomes, still pay this tax.

We want the Government to stop taxing Longer Separation Allowance (LSA) which compensates British service personnel for unavoidable extended time away from their families due to deployments and training.

Reduce alcohol duty and VAT for drinks and food sold in pubs, bars and restaurants. Consider introducing a national “Pub Day” bank holiday to support local pubs and hospitality businesses and help revive struggling town centres.

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Question to the Department for Education:

To ask the Secretary of State for Education, what estimate she has made of the number and proportion of pupils that would need to move from the independent to the state sector for VAT revenue from school fees to fall below the additional cost of educating those pupils in the state sector.

Answered by Olivia Bailey - Parliamentary Under-Secretary of State (Department for Education) (Equalities)

HM Treasury published a tax information and impact note on applying VAT to private school fees: https://www.gov.uk/government/publications/vat-on-private-school-fees/applying-vat-to-private-school-fees. This is a comprehensive assessment of the VAT policy, including estimated revenue and costs of increased pupil numbers in the state sector.

Question to the Home Office:

To ask the Secretary of State for the Home Department, with reference to page 59 of her Department's document entitled Freedom from Violence and Abuse: a cross-government strategy to build a safer society for women and girls, Volume 1: Strategy, published on 18 December 2025, whether her discussions with stakeholders on the misuse of joint financial products will include domestic abuse service providers.

Answered by Jess Phillips - Parliamentary Under-Secretary (Home Office)

In the Violence Against Women and Girls Strategy, HM Treasury undertook work with key stakeholders to explore how joint mortgages are used as a tool of abuse and how victims and survivors can be better supported.

The Government’s Financial Inclusion Strategy considers economic abuse as a key theme in recognition of the particular challenges victim-survivors’ can face in accessing financial products and services. This includes exploring how joint mortgages are used as a tool of abuse and how victims and survivors can be better supported. As part of this, HM Treasury are working closely with charity Surviving Economic Abuse who have been appointed a member of the Financial Inclusion Committee going forward to help inform the delivery of key interventions.

In addition, the Financial Conduct Authority (FCA) also held lived experience sessions with victim-survivors of economic abuse as part of their Mortgages Rule Review which HM Treasury also engaged in.

Question to the Department for Science, Innovation & Technology:

To ask the Secretary of State for Science, Innovation and Technology, what recent assessment her Department has made of the potential impact of artificial intelligence on employment in the next five years.

Answered by Kanishka Narayan - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)

The Government recognises that AI is transforming workplaces, demanding new skills and augmenting existing roles. We have launched the AI and the Future of Work Unit - a cross‑government function dedicated to ensuring AI delivers positive outcomes for the economy, jobs, and workers. We are preparing for a range of possible futures to ensure this transformation boosts productivity and opportunities and the Government launched an assessment of AI impacts on the labour markets in January 2026.

To build a digitally skilled workforce to support long-term economic growth, drive innovation and expand individual opportunity we are supporting AI Skills Boost to upskill 10 million workers in AI skills by 2030. We have already delivered more than 1 million AI training courses have been delivered to workers across the UK.

Building on the Future of Work Unit, the Chancellor announced a new AI Economics Institute in her recent Mais Lecture. This joint HMT-DSIT institute will incorporate the FoW Unit, as part of a broader focus on the economics of AI, including labour market, productivity and other impacts.

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