Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment she has made of the potential impact of rules on tax relief on touring costs in Europe.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Government recognises the importance of the creative industries, and supports the sector through a range of tax reliefs which are among the most generous in the world, providing over £2.4 billion of support in 2023–24.

The reliefs support the sector with the cost of touring. Orchestra Tax Relief (OTR) provides a generous rate of 45 per cent tax relief on orchestral production costs – including the cost of domestic touring, such as transport and accommodation – and provided £50 million of support in 2023-24. There is currently no other country in the world which offers such a tax relief for orchestras. Theatre Tax Relief (TTR) and Museums and Galleries Exhibition Tax Relief (MGETR), provide a 40% rate of relief to non-touring productions but offer higher rates of relief (at 45%) for touring productions.

The Government carefully considers the design of the creative sector tax reliefs to ensure they are well targeted, effective in achieving their policy objectives, and represent value for money for the taxpayer.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to change cultural tax reliefs to account for the cost of touring.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Government recognises the importance of the creative industries, and supports the sector through a range of tax reliefs which are among the most generous in the world, providing over £2.4 billion of support in 2023–24.

The reliefs support the sector with the cost of touring. Orchestra Tax Relief (OTR) provides a generous rate of 45 per cent tax relief on orchestral production costs – including the cost of domestic touring, such as transport and accommodation – and provided £50 million of support in 2023-24. There is currently no other country in the world which offers such a tax relief for orchestras. Theatre Tax Relief (TTR) and Museums and Galleries Exhibition Tax Relief (MGETR), provide a 40% rate of relief to non-touring productions but offer higher rates of relief (at 45%) for touring productions.

The Government carefully considers the design of the creative sector tax reliefs to ensure they are well targeted, effective in achieving their policy objectives, and represent value for money for the taxpayer.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of name of the high value council tax surcharge on public awareness of the local authorities' role in the process of collecting revenue from this tax.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

As set out at Budget 2025, the High Value Council Tax Surcharge will be administered alongside existing Council Tax by local authorities, who will collect revenue. The Government will undertake a new burdens assessment to ensure costs to local authorities are fully funded.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 20 February 2026 to Question 111691 on Valuation Office Agency: Conference, if she will publish the presentations from the Valuation Office Agency at the (a) December 2024, (b) March 2025 and (c) September 2025 international conferences.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

We do not routinely publish this information.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the fiscal implications of joint defence financing arrangements with Finland and the Netherlands.

Answered by James Murray - Chief Secretary to the Treasury

Last week the Chancellor announced that the UK is exploring a new defence mechanism for financing driving joint demand by 2027 with the Netherlands and Finland and other EU and NATO partners.

This is still in development with partners and will follow best international practice and relevant HM Government Guidance, including Managing Public Money.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department’s press release entitled Chancellor and Energy Secretary meet with fuel bosses in No11 as government order crackdown on pump prices, published on 13 March 2026, what analysis her Department has undertaken of the time taken by fuel retailers to pass on decreases in wholesale fuel costs to motorists.

Answered by James Murray - Chief Secretary to the Treasury

At Budget, the Chancellor confirmed the new FuelFinder service, which is now operational and will give consumers clear, real-time information so that they can find the cheapest fuel available.

The Chancellor has written to Sarah Cardell, Chief Executive of the CMA, expressing support for the CMA’s work to ensure customers are not affected by undue price rises, including for road fuel. See the letter here: Letter to the CMA on vigilance for unjustifiable price increases.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department’s press release entitled Chancellor and Energy Secretary meet with fuel bosses in No11 as government order crackdown on pump prices, published on 13 March 2026, what analysis her Department has undertaken of the time taken by fuel retailers to pass on increases in wholesale fuel costs to motorists.

Answered by James Murray - Chief Secretary to the Treasury

At Budget, the Chancellor confirmed the new FuelFinder service, which is now operational and will give consumers clear, real-time information so that they can find the cheapest fuel available.

The Chancellor has written to Sarah Cardell, Chief Executive of the CMA, expressing support for the CMA’s work to ensure customers are not affected by undue price rises, including for road fuel. See the letter here: Letter to the CMA on vigilance for unjustifiable price increases.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department’s press release entitled Chancellor and Energy Secretary meet with fuel bosses in No11 as government order crackdown on pump prices, published on 13 March 2026, what information her Department holds on the causes of variations in fuel prices.

Answered by James Murray - Chief Secretary to the Treasury

At Budget, the Chancellor confirmed the new FuelFinder service, which is now operational and will give consumers clear, real-time information so that they can find the cheapest fuel available.

The Chancellor has written to Sarah Cardell, Chief Executive of the CMA, expressing support for the CMA’s work to ensure customers are not affected by undue price rises, including for road fuel. See the letter here: Letter to the CMA on vigilance for unjustifiable price increases.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps HM Treasury is taking to ensure regulatory co-operation with Spain supports UK-based exporters.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

This Government is committed to a deep and enduring partnership with Spain – a partnership which we were pleased to strengthen through agreeing a strategic bilateral framework in September. This Government is also committed to supporting British businesses exporting to Spain and other European markets. During the Chancellor’s recent visit to Madrid, we agreed practical steps with Spain to make it easier for UK services professionals to travel to Spain, which could be worth around £250 million in additional UK services exports over five years.

This Government recognises the strategic imperative for deeper integration between the UK and EU – which shapes much of Spain’s regulatory regime – to strengthen resilience in the economy and stabilise trading conditions for businesses. As the Chancellor set out in her Mais lecture on 17 March, we will pursue an enhanced partnership with the EU to strengthen supply chains and reduce unnecessary frictions for businesses operating in European markets. This will include closer alignment with EU regulation where it is in the UK’s national interest.

The Government is also strengthening engagement with business on EU regulatory issues, and we are exploring how the UK and EU can work together more effectively on shared ambitions to reduce administrative burdens on business, consistent with the UK commitment to cut the administrative burden of regulation by 25% by the end of this Parliament.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Bank of England still has a sitting Banknote Character Advisory Committee.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Banknote Character Advisory Committee, whose members had a five-year term starting in 2015, advised the Governor of the Bank of England on the choice of field and character for the current £20 and £50 banknotes.

In July 2025 the Bank of England asked the public for their views on what the theme should be for the next series of banknotes. The Bank of England decided the theme for the next series of banknotes based on the feedback from this public consultation and focus groups.

The Bank of England will launch another consultation in summer 2026 to seek the views of the public again on images for the next banknote. Further detail can be found on the Bank of England’s website.

The final decision about what imagery will appear on the next series of banknotes will be made by the Governor.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether HM Treasury has held discussions with international partners on the use of sanctions in response to reported serious human rights abuses in Hong Kong prisons.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Foreign, Commonwealth & Development Office is responsible for overall policy and the development of sanctions measures, and the UK’s response to international human rights abuses. This includes sanctions under the UK’s Global Human Rights sanctions regime.

HM Treasury has regular discussions with international partners on a range of multilateral issues.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions her Department has had with the Bank of England on the removal of historic figures from UK bank notes.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

As set out in the Memorandum of Understanding between HM Treasury and the Bank of England, the Bank of England is entirely responsible for the design, production, issue and distribution of banknotes. HM Treasury has not discussed images for banknote design with the Bank of England.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what measures are in place to ensure value for money in joint defence financing arrangements with Finland and the Netherlands.

Answered by James Murray - Chief Secretary to the Treasury

Last week the Chancellor announced that the UK is exploring a new defence mechanism for financing driving joint demand by 2027 with the Netherlands and Finland and other EU and NATO partners.

This is still in development with partners and will follow best international practice and relevant HM Government Guidance, including Managing Public Money.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Northern Ireland Executive has the ability to create an energy support scheme for users of home heating oil with funding from the UK government, announced in the Autumn budget.

Answered by James Murray - Chief Secretary to the Treasury

Spending classed as Annually Managed Expenditure will be provided to Northern Ireland to develop a comparable scheme to that developed in GB.

It is for the Northern Ireland Executive to decide how they would like to deliver a comparable offer. The UK Government is ready to review the business case once it has been submitted by the Northern Ireland Executive.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the average staffing complement is for a ministerial private office within their Department; what grades those staff are appointed at; what the typical remuneration and contracted working hours are for those posts; and what the staff turnover rate is.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

HMT ministerial private offices hire an average 6.5 FTE per office. Staff are appointed at grades: AO, EO, HEO, SEO, G7, G6 and Deputy Director. Contracted working hours for these staff members are 37 hours per week.

Staff salaries for the appointed grades are typically between £26,200 - £117,800. Designated posts may also benefit from Private Office Allowance.

The average staff turnover over the last 3 years was between 20-30%, which can include staff on loans to HMT returning to their home departments, or individuals leaving to other government departments, including on promotion.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, at what domestic conferences the Valuation Office Agency has made presentations since July 2024.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Staff members are supported to speak at, learn from and contribute to various conferences and meetings of valuation professionals here in the UK. We do not keep a central log of all these domestic activities.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with the Secretary of State for Business and Trade on additional funding for extending the UK Supercharger Scheme.

Answered by James Murray - Chief Secretary to the Treasury

The Chancellor has regular discussions with the Secretary of State for Business and Trade on a range of topics.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Office for Budget Responsibility’s Economic and Fiscal Outlook published in March 2026, what the projected levels of total public expenditure are expected to be in (a) 2026-2027, (b) 2027-2028, (c) 2028-2029, (d) 2029-2030 and (d) 2030-2031 financial years; which areas of public spending are expected to see the largest increases over the forecast period; and what steps her Department intends to take to manage spending pressures within departmental budgets.

Answered by James Murray - Chief Secretary to the Treasury

The OBR’s Economic and Fiscal Outlook – published on the OBR’s website - sets out in detail the projected levels of total public expenditure over the next five years.

The government's public spending approach is fair, disciplined and controlled, helping to reduce borrowing and keep public finances on a sustainable path.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the impact of industrial energy prices on economic growth.

Answered by James Murray - Chief Secretary to the Treasury

We know high energy costs are one of the greatest challenges facing industry and is a key barrier to growth in the UK.

In the Modern Industrial Strategy, we announced the new British Industrial Competitiveness Scheme, which will reduce electricity costs by c.£35-40/MWh up to 2030 and support thousands of businesses.

This forms part of a wider package of support to industry.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what Barnett consequentials will be generated for the Scottish government by (a) grants awarded to local authorities in England to address SEND deficits announced in the written statement entitled Local Government Finance Settlement 2026-27 to 2028-29, published on 9 February 2026, HCWS1315, and (b) additional funding for SEND announced in the Spring Statement.

Answered by James Murray - Chief Secretary to the Treasury

At Spring Forecast 2026 it was confirmed that the Scottish Government will receive £533 million Barnett consequentials in 2026-27, through the application of the Barnett formula to the grants for Local Authorities to address SEND deficits in England.

The Barnett formula applies mechanically to new funding for the Department for Education in 2028-29, to support reforms of the SEND system. This results in an additional £362 million for the Scottish Government in 2028-29.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what Barnett consequentials will be generated for Scotland by (a) the awarding of grants to local authorities in England to address SEND deficits, as set out in UIN HCWS1315 and (a) the funding for SEND announced in the Spring Statement 2026.

Answered by James Murray - Chief Secretary to the Treasury

At Spring Forecast 2026 it was confirmed that the Scottish Government will receive £533 million Barnett consequentials in 2026-27, through the application of the Barnett formula to the grants for Local Authorities to address SEND deficits in England.

The Barnett formula applies mechanically to new funding for the Department for Education in 2028-29, to support reforms of the SEND system. This results in an additional £362 million for the Scottish Government in 2028-29.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the adequacy of support available to households using heating oil, in the context of rising global oil prices linked to the conflict in Iran.

Answered by James Murray - Chief Secretary to the Treasury

The government has acted quickly to provide £53m in timely, targeted support to vulnerable households, struggling with the rising price of heating oil, predominantly in rural communities.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of fintech investment platforms on competition, costs and investment choice in the self-invested personal pension market; and what steps they are taking to support innovation in digital pension products while maintaining appropriate regulatory safeguards.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government has not made a formal assessment of the impact of Fintech investment platforms on competition, costs and investment choice in the self-invested personal pensions (SIPPs) market.

The Financial Conduct Authority (FCA) is the regulator responsible for the SIPPs market. The FCA regularly reviews their relevant rules and regulations to ensure they are appropriate for the current market context. This includes supporting growth and innovation while maintaining appropriate regulatory safeguards to protect consumers.

As set out in the Government’s Financial Services Growth and Competitiveness Strategy, the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start up, scale and list.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact and role of accelerator and innovation programmes that support the growth of early-stage financial technology firms.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

As set out in the Government’s Financial Services Growth and Competitiveness Strategy, the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start up, scale and list.

The Strategy set out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech. This includes creating a competitive regulatory environment by making it quicker and easier for new firms to achieve regulatory authorisation, as well as welcoming the City of London Corporation and the British Business Bank facilitating greater access to finance. The Financial Conduct Authority and Prudential Regulation Authority have launched a joint Scale-Up Unit to enhance engagement with fast-growing innovative firms.

Research England is also supporting activity in FinTech through the INFINITY programme, a partnership led by the University of Nottingham and the University of Birmingham to help researchers explore commercial opportunities in financial technology. There has been good engagement so far, with over 100 research projects developing their business potential and a number of ventures now progressing towards market.

Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answers by Lord Livermore on 9 December 2025 (HL12629) and 27 January (HL13469), whether any special advisers briefed Budget 2025 policy announcements to the media (1) prior to formal ministerial statements made to Parliaments, and (2) without an accompanying official government announcement.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Treasury, its Ministers and Special Advisers place the utmost importance on Budget information security. As set out in the Budget Information Security Review, Ministers, officials and Special Advisers act in line with the Macpherson Principles, the Civil Service Code and the Special Advisers’ Code.

Consistent with these principles, there are occasions where the Government will trail and/or announce policy ahead of a Budget to provide context and help the public understand major fiscal events.

Any such communications are tightly controlled, respect Parliament, and protect market-sensitive information.

For Budget 2025, Special Advisers acted in accordance with these rules and principles.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the risks associated with the expansion of buy-now-pay-later lending through digital wallets and online marketplaces; and how the new regulatory framework will ensure effective affordability checks and consumer protection.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government is aware that Buy‑Now, Pay‑Later (BNPL) products have become a standard feature of digital wallets and online marketplaces, allowing consumers to defer payment at the point of sale. While these products can be a convenient way to help spread the cost of purchases, the lack of regulation has left some consumers exposed to harm, particularly through unaffordable borrowing.

To address this, in July 2025 Parliament passed legislation to bring BNPL products within Financial Conduct Authority (FCA) regulation. The new rules will take effect this July, with the FCA having confirmed the final regulatory requirements in February.

Under the new regulatory regime, BNPL firms will be required to carry out proportionate but robust affordability assessments before lending, informed by appropriate checks on consumers’ financial circumstances and existing borrowing commitments. Firms will also be required to provide clear, timely and prominent information on repayment terms, the consequences of missed payments, and what rights consumers have, enabling them to make informed decisions. In addition, consumers will gain access to established protections for credit users, including the Financial Ombudsman Service and section 75 rights under the Consumer Credit Act. Together, these measures will support the continued use of BNPL products while ensuring appropriate consumer safeguards are in place.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what comparative assessment her Department has made of the (a) VAT Registration Threshold and (b) rate of inflation between 2014 and 2026.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

At £90,000, the UK has a higher VAT registration threshold than any EU country and the joint highest in the OECD. This reflects the Government’s approach to balance the impacts on small businesses, with the needs of the wider economy and the public finances. Such a comparatively high threshold means the majority of UK businesses are not in the VAT system at all, reducing administrative burdens and supporting growth.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of introducing the full 20p discount to the business rates multiplier for retail, hospitality and leisure on the hospitality sector.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The 5p reduction in the Retail, Hospitality and Leisure (RHL) multipliers is worth nearly £1 billion per year and will benefit over 750,000 properties. Unlike RHL relief, the new multipliers are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The Government is paying for this through a high-value multiplier on the top one per cent of most expensive properties. This includes many large distribution warehouses, such as those used by online giants. The high value multiplier is 33% more than the multiplier for small RHL properties.

Legislation set the maximum reduction to 20p as the bounds within which the Government could choose to operate, rather than a commitment to reduce the multipliers by this amount.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of introducing the full 20p discount to the business rates multiplier for retail, hospitality and leisure.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The 5p reduction in the Retail, Hospitality and Leisure (RHL) multipliers is worth nearly £1 billion per year and will benefit over 750,000 properties. Unlike RHL relief, the new multipliers are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The Government is paying for this through a high-value multiplier on the top one per cent of most expensive properties. This includes many large distribution warehouses, such as those used by online giants. The high value multiplier is 33% more than the multiplier for small RHL properties.

Legislation set the maximum reduction to 20p as the bounds within which the Government could choose to operate, rather than a commitment to reduce the multipliers by this amount.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to ensure that SMEs not party to (a) NFU Mutual and (b) Bath Racecourse litigation are not permanently deprived of the right to an indemnity due to the expiration of limitation periods.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Financial Conduct Authority (FCA), as the independent regulator for financial services, sets the conduct standards required of insurance firms. This includes rules requiring insurers to handle claims fairly and promptly.

The Supreme Court published its final judgment in the FCA’s Business Interruption Insurance test case in 2021. At the time of the judgment, the FCA set out its expectation that insurers should communicate to all impacted policyholders what the judgment meant for their claim and should move quickly to resolve claims as determined by the judgment.

The FCA court case did not cover all potential issues with business interruption policies. The FCA has been clear that, in the event of further court rulings, insurers will need to consider carefully how the rulings impact claims they have already decided.

The FCA considered the issue of new ‘stop the clock’ guidance as part of its response to Stewarts LLP on 23 January. The FCA was clear that insurers must look at claims that have already been made in light of any new legal rulings to see if any action must be taken. Where no claim has been submitted, it is not clear why an insurer would not be able to rely on relevant time limits set out in the insurance policy, subject to the particular circumstances of each claim and compliance with the FCA’s broader rules.

The FCA is continuing to supervise firms to ensure they are meeting their expectations and has robust powers to take action where necessary.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of valid Covid-19 business interruption claims becoming time-barred in March 2026 on the insurance sector.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Financial Conduct Authority (FCA), as the independent regulator for financial services, sets the conduct standards required of insurance firms. This includes rules requiring insurers to handle claims fairly and promptly.

The Supreme Court published its final judgment in the FCA’s Business Interruption Insurance test case in 2021. At the time of the judgment, the FCA set out its expectation that insurers should communicate to all impacted policyholders what the judgment meant for their claim and should move quickly to resolve claims as determined by the judgment.

The FCA court case did not cover all potential issues with business interruption policies. The FCA has been clear that, in the event of further court rulings, insurers will need to consider carefully how the rulings impact claims they have already decided.

The FCA considered the issue of new ‘stop the clock’ guidance as part of its response to Stewarts LLP on 23 January. The FCA was clear that insurers must look at claims that have already been made in light of any new legal rulings to see if any action must be taken. Where no claim has been submitted, it is not clear why an insurer would not be able to rely on relevant time limits set out in the insurance policy, subject to the particular circumstances of each claim and compliance with the FCA’s broader rules.

The FCA is continuing to supervise firms to ensure they are meeting their expectations and has robust powers to take action where necessary.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with the FCA on stop the clock guidance and related litigation.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Financial Conduct Authority (FCA), as the independent regulator for financial services, sets the conduct standards required of insurance firms. This includes rules requiring insurers to handle claims fairly and promptly.

The Supreme Court published its final judgment in the FCA’s Business Interruption Insurance test case in 2021. At the time of the judgment, the FCA set out its expectation that insurers should communicate to all impacted policyholders what the judgment meant for their claim and should move quickly to resolve claims as determined by the judgment.

The FCA court case did not cover all potential issues with business interruption policies. The FCA has been clear that, in the event of further court rulings, insurers will need to consider carefully how the rulings impact claims they have already decided.

The FCA considered the issue of new ‘stop the clock’ guidance as part of its response to Stewarts LLP on 23 January. The FCA was clear that insurers must look at claims that have already been made in light of any new legal rulings to see if any action must be taken. Where no claim has been submitted, it is not clear why an insurer would not be able to rely on relevant time limits set out in the insurance policy, subject to the particular circumstances of each claim and compliance with the FCA’s broader rules.

The FCA is continuing to supervise firms to ensure they are meeting their expectations and has robust powers to take action where necessary.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to ensure that policyholders with protected characteristics are not discriminated against by insurance companies.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Insurers make commercial decisions about pricing and the terms of cover they offer based on their assessment of the relevant risks.

However, the government is determined that insurers treat customers fairly and insurers must comply with relevant legislation, including the Equality Act 2010. The Act generally prohibits discrimination based on certain personal characteristics, though the law accepts that some exceptions apply for insurance.

The Financial Conduct Authority’s (FCA) rules also require insurers to treat customers fairly. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive). The FCA has robust powers to monitor firms and, where necessary, to take action against firms that do not comply with its rules.

The Government also seeks to ensure that people are able to access the financial products they need. That is why I published a Financial Inclusion Strategy in November which includes interventions to increase household financial resilience through insurance and help people find the right insurance product for their needs.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of Revolt being granted a banking licence on regulation and competitiveness in the fintech sector.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Bank authorisations are a matter for the independent Prudential Regulation Authority.

As set out in the Government’s Financial Services Growth and Competitiveness Strategy, the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start up, scale and list.

The Strategy set out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech. This includes creating a competitive regulatory environment by working with UK regulators to make it quicker and easier for new firms to achieve regulatory authorisation.

Question to the HM Treasury:

To ask His Majesty's Government, in regard to section 7 of the Sovereign Grant Act 2011, on what date they expect to receive the report of the Royal Trustees on the 2026 review of the Sovereign Grant; and on what date they expect that report to be laid before Parliament.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

As required by the Sovereign Grant Act 2011, the next review of the Sovereign Grant is taking place this year. Further detail will be announced in due course.

The Government is committed to bringing forward legislation to reset the Grant to a lower level from 2027-28 once Buckingham Palace reservicing works are completed.

Question to the HM Treasury:

To ask His Majesty's Government whether they plan to introduce legislation to adjust and reduce the Sovereign Grant in the next King's Speech.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

As required by the Sovereign Grant Act 2011, the next review of the Sovereign Grant is taking place this year. Further detail will be announced in due course.

The Government is committed to bringing forward legislation to reset the Grant to a lower level from 2027-28 once Buckingham Palace reservicing works are completed.

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.

The UK Government should let taxpayers yearly allocate a portion of their income tax to priority sectors via the secure HMRC App or website. Protect core obligations, pilot the scheme, ensure transparency, and legislate participatory tax allocation to boost trust and democratic engagement.

There is growing demand on the NHS with children affected by health issues. For some this can be linked to a lack of exercise and this can result in long term issues for children as they grow older and in turn increase demand on the NHS.

Young people in the UK looking to earn, save and purchase their own homes are facing an added cost their immediate predecessors were not facing less than two years ago. An added cost of thousands. This can limit the scope of homes for purchase that are affordable within a first time buyer's budget.

End the freeze on student loan repayment thresholds, increase them in line with inflation, and cap interest at a rate no higher than the Government’s cost of borrowing.

We want the UK Government to introduce a 10% tariff on all US goods coming into the UK.

I would like the UK Government to make employee bonuses tax-free up to £5,000 per year to reward hard work, increase productivity, and support workers during rising living costs.

Cut VAT on heritage restoration so that saving historic buildings, like Gracemount Mansion House situated in South Edinburgh, is not more expensive than rebuilding qualifying new properties, which are zero‑rated.

Create a mandatory, publicly accessible register of qualified accountants and tax agents. The register should enable individuals and businesses to verify qualifications, professional body membership and AML supervision. We believe it will improve transparency and reduce fraud and misrepresentation.

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.

Allow Pension Providers to offer 0% interest loans for 10% house deposits, using the pension pot as collateral. This should be an "authorised payment" to avoid the any tax charge. Providers should then be allowed to offer 90% mortgages at rates lower than current rent. Paying the loan and mortgage.

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.

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

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Question to the Home Office:

To ask the Secretary of State for the Home Department, with reference to the Home Office guidance, Funding Instruction for Local Authorities: Asylum Grant 2025 - 2026, updated 23 April 2025, how many councils are participating in the LA-led asylum accommodation pilots.

Answered by Alex Norris - Minister of State (Home Office)

The Asylum Grant supports local authorities with a contribution to the costs and pressures of accommodating asylum seekers across all eligible accommodation types through a baseline payment of £1,200 per occupied bedspace and quarterly growth payments of £100 per net growth in newly occupied bedspaces. This grant started in 2021/22 and has been renewed yearly with the approval of HM Treasury. There is no unique link between this and local authority-led asylum accommodation pilots. No decisions have yet been made on which local authorities will participate in asylum accommodation pilots.

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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Found: HM Treasury (2003) The Green Book, Appraisal and Evaluation in Central Government, (2003 version includes

Found: assumptions and data A social discount rate of 3.5 per cent is used to obtain present values, see HM Treasury

Found: assumptions and data A social discount rate of 3.5 per cent is used to obtain present values, see HM Treasury

Found: ">Corporate

Found: Managed by Defra, in collaboration with departments including the Cabinet Office, DBT, DESNZ, and HM Treasury

Found: [Accessed January 2025]. [25] HM Treasury, “The Green Book,” 16 May 2024. [Online].

Found: HM Treasury discount rates are used, which adjust for social time preference, defined as the value

Found: [3] HM Treasury, “The Green Book,” 2022. [Online].

Found: HM Treasury discount rates are used, which adjust for social time preference, defined as the value

Found: [3] HM Treasury, “The Green Book,” 2022. [Online].

Found: HM Treasury discount rates are used, which adjust for social time preference, defined as the value society

Found: [4] HM Treasury, “The Green Book,” 2022. [Online].

Found: [Accessed 06 June 2025]. [3] HM Treasury, “The Green Book,” 2022. [Online].

Found: “Agriculture baseline, in Lower Welland Environment and Agriculture Appendix,” ARUP, 2025. [4] HM Treasury

Found: HM Treasury discount rates are used, which adjust for social time preference, defined as the value

Found: HM Treasury discount rates are used, which adjust for social time preference, defined as the value

Found: [2] HM Treasury, “The Green Book,” 2022. [Online].

Found: [3] HM Treasury, “The Green Book,” 2022. [Online].

Found: HM Treasury discount rates are used, which adjust for social time preference, defined as the value

Found: Departmental Expenditure Limit (RDEL) and Capital Departmental Expenditure Limit (CDEL) from HM Treasury

Found: _0292_2324-Q3 Enterprise Customer Relationship Management HMRC HMT_0004_2021-Q2 NS&I Transformation HMT

Found: ) system;Delegated grades AO to Grade 6 where GLD has the ability, within the frameworks set by HM Treasury

Found: __cell">Risk Control and Financial Accounting

Found: Quasi-experimental methods are recommended by the HM Treasury Green Book and Magenta Book as the most

Found: inflation forecasts from the Office for Budget Responsibility (OBR), the Bank of England (BoE)and the HM Treasury

Found: inflation forecasts from the Office for Budget Responsibility (OBR), the Bank of England (BoE)and the HM Treasury

Found: This is set to an annual rate of 3.5% for the 10-year appraisal period, in line with HMT Greenbook

Found: RPC-HMT-25105-IA(1) 1 06/01/2026 The Money Laundering and Terrorist Financing (Amendment and Miscellaneous

Found:  gave a ‘green’ rating to the impact assessment for the reforms proposed by His Majesty’s Treasury (HMT

Found: monthly basis Within 30 days of the end of a Yearly Quarter, the UK DP must make a report to HM Treasury

Found: Office of Financial Sanctions Implementation HM Treasury

Found: assumptions and data A social discount rate of 3.5 per cent is used to obtain present values, see HM Treasury

Found: assumptions and data A social discount rate of 3.5 per cent is used to obtain present values, see HM Treasury

Found: HM Treasury (2003) The Green Book, Appraisal and Evaluation in Central Government, (2003 version includes

Found: Transaction Control Framework, ensuring long-term value for money by deploying finance in line with HM Treasury

Found: (HMT), the National Infrastructure and Service Transformation Authority (NISTA) and Cabinet Office (

Found: Projects not on the GMPP but still requiring HM Treasury approval will continue to have their expenditure

Found: Comptroller and Auditor General (the National Audit Office) by mutual agreement with the FCDO and HM Treasury

Found: Where recommendations include proposals on tax policy, DCMS will be providing evidence to HM Treasury

Found: The Cabinet Secretary said: “The timing of the consultation is in the hands of HM Treasury, but this

Found: Committee recommends that the Welsh Government provides an update on discussions it has held with HM Treasury

Found: Committee recommends that the Welsh Government provides an update on discussions it has held with HM Treasury

Found: financial year and calls on the Welsh Government to provide an update on any discussions it has with HM Treasury

Found: Logic models and theories of change are commonly used to evaluate policies (see for example HM Treasury

Found: as set out in your Business Plan 26/27, provided that all acquisitions are in accordance with HM Treasury

Found: It also follows confirmation from HM Treasury earlier this year that no budgetary solution would be offered