Asked by: Lord Wigley (Plaid Cymru - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what representations they have received from the government of Wales about devolving responsibility for the Crown Estate's activities in Wales to Senedd Cymru.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The UK Government has regular discussions with the Welsh Government at official and ministerial level on a range of issues. This has included a request from the Welsh Government that the UK Government considers devolution of the management of The Crown Estate in Wales.
Asked by: Lord Wigley (Plaid Cymru - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government how much money they have allocated for use by Senedd Cymru in 2026–27.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Spending Review 2025 confirmed that the Welsh Government is receiving an average of £22.4 billion per year between 2026-27 and 2028-29. This is the Welsh Government’s largest spending review settlement in real terms since devolution in 1998.
As a result of decisions at the Budget in November 2025, the Welsh Government will receive an additional £505m in Total Departmental Expenditure Limit (TDEL) through the operation of the Barnett formula over the Spending Review period, on top of the record settlement provided at Spending Review 2025.
Asked by: Lord Wigley (Plaid Cymru - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what estimate they have made of the total value of Russian Central Bank assets held in the UK.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Assets belonging to the Central Bank of Russia have been immobilised in the UK and across the G7 through sanctions.
It is important any decision to release detail about the assets is taken on a collective G7 basis.
Asked by: Lord Wigley (Plaid Cymru - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government which of the "lower business rates multipliers" for retail, hospitality and leisure properties with a rateable value of less than £500,000 will be applied in (1) Wales, (2) Scotland, and (3) Northern Ireland; and what discussions they have held with devolved administrations on this matter.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Business rates is a devolved policy area. Therefore, the new retail hospitality and leisure multipliers will apply in England only.
Asked by: Lord Wigley (Plaid Cymru - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what estimate they have made of the average percentage increase in business rates payable by hospitality properties from April 2026 onwards, set out in Budget 2025, published on 28 November.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
At the Budget, the VOA announced updated property values from the 2026 revaluation. Some properties, including in the retail, hospitality and leisure sectors, have seen their rateable values increased. This is in part because the last revaluation updated rateable values to align with market values on 1 April 2021 – during the CVOID pandemic. This meant rateable values were lower due to the atypical economic situation the pandemic created. This latest revaluation reflects a post Covid world, which has led to significant increases in rateable values for some properties.
To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid.
Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Asked by: Lord Wigley (Plaid Cymru - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what plans they have to liquidate Russian assets currently frozen in the UK; and whether they have discussed the implications of that action with (1) leaders of the EU, and (2) President Trump.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Chancellor is actively engaging with our EU and G7 partners to explore options for using the full value of Russian sovereign assets immobilised across the G7, in line with international law.
The Government remains committed to ensuring Russia is held accountable for the damage it has caused, and continues to cause, in Ukraine. Alongside our G7 partners, the UK has pledged to maintain the sanctions in Russia’s sovereign assets within our jurisdiction until Russia has paid compensation to Ukraine.
Asked by: Lord Wigley (Plaid Cymru - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what representations they have received from small businesses in Wales concerning the impact of their legislative programme and budget proposals.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
HM Treasury engages regularly with businesses and representative organisations in Wales. HMT also runs a stakeholder representations process ahead of fiscal events where the public and businesses can submit their representations. This allows us to consider the views of a wide range of small businesses and their representative organisations. We continue to encourage businesses in Wales to engage with this process at future fiscal events to help inform policy.
Asked by: Lord Wigley (Plaid Cymru - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what latest estimate they have made of the amount of money from the activities of the Crown Estate that will accrue to (1) the UK Government, (2) the Scottish Government, (3) the Welsh Government, and (4) the Northern Ireland Executive.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Crown Estate operates across England, Wales and Northern Ireland. The management of assets held by The Crown Estate was devolved to Scotland in 2016 and, as such, Crown Estate Scotland operates as a distinct entity from The Crown Estate and is governed by Scottish legislation.
In accordance with the Crown Estate Act 1961, The Crown Estate returns its net revenue profits to the UK Consolidated Fund - a combined total of more than £5 billion over the last decade. This money is used to fund vital public services across the UK in reserved areas. When the UK Consolidated Fund is spent in England, in areas which are devolved, the devolved governments also receive funding through the operation of the Barnett formula.
Details of The Crown Estate's revenues are outlined in its annual report and accounts.
Asked by: Lord Wigley (Plaid Cymru - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government how much money they estimate will be allocated to (1) Wales, (2) Scotland, and (3) Northern Ireland, as part of the Budget 2025.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
As a result of decisions at Autumn Budget 2025, through the operation of the Barnett formula:
(1) The Welsh Government will receive an additional £320 million RDELex and £185 million CDEL.
(2) The Scottish Government will receive an additional £510 million RDELex and £310 million CDEL.
(3) The Northern Ireland Executive will receive an additional £240 million RDELex and £130 million CDEL.
Asked by: Lord Wigley (Plaid Cymru - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what recent assessment they have made of the annual reduction in taxation revenue due to the decision to leave the European Union.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Treasury does not publish forecasts of the economy or the public finances. Forecasts of future tax receipts are produced by the Office for Budget Responsibility (OBR) as part of its Economic and Fiscal Outlook (EFO).
The OBR has set out how the UK's exit from the European Union (EU) has affected its forecast. The OBR assessed the impact of the Trade and Cooperation Agreement on UK trade in Box 2.4 of the March 2024 EFO and reconfirmed that assessment in the latest EFO, which is available here: https://obr.uk/efo/economic-and-fiscal-outlook-november-2025/