HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
HM Treasury does not have Bills currently before Parliament
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
Raise the income tax personal allowance from £12,570 to £20,000
Sign this petition Gov Responded - 20 Feb 2025 Debated on - 12 May 2025Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Don't apply VAT to independent school fees, or remove business rates relief.
Sign this petition Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
The Debt Fairness Charter outlines principles for the fair and reasonable treatment of individuals who owe personal debt to central government. The first version was published in March 2024, with a commitment to ongoing review and updates as needed, and a review is currently underway.
Banking services fulfil a vital role for businesses across the UK.
I recently laid legislation before Parliament which will require banks and other providers to give customers a longer notice period of 90 days before closing accounts and to provide a sufficiently detailed and specific explanation.
This will give people and businesses the time and information they need to challenge decisions or find an alternative provider.
Postponed VAT accounting is an established and valued part of the UK’s VAT regime, which provides significant simplification and cashflow benefits to UK businesses who import goods from overseas. Unlike customs duty, VAT paid upon importation of goods is typically able to be reclaimed where the goods are sold on or used in the course of business. Postponed VAT accounting allows businesses to account for and reclaim the VAT on the same VAT return, thereby producing a nil result, rather than paying VAT on import and reclaiming it on a future VAT return. Postponed VAT accounting does not change the overall VAT liability on any imported goods.
I refer the hon. member to the following answer UIN 48452, tabled on 28 April 2025.
The government recognises that cash continues to be an important method of payment for people.
The Financial Services and Markets Act 2023 gives the FCA responsibility and powers to protect access to cash.
They have since introduced rules to protect access to cash, which will also support the ability of consumers and businesses to continue to transact in cash.
HM Treasury has not allocated any funding for Stonewall for 2025/26 and does not anticipate allocating any funding for Stonewall in 2026/27.
The Government is committed to moving towards a circular economy that delivers sustainable growth. Implementing the Collection and Packaging Reforms, including the Extended Producer Responsibility scheme for packaging is a critical step in this transition and will create a substantial incentive for investment in new and improved recycling services in the UK.
HM Treasury is working closely with the Department for Environment, Food and Rural Affairs, and the lead department, on the delivery of these reforms.
HMRC assists young people in accessing their matured CTFs through its online tracing service and through targeted communications appropriate to the age group. It will continue its work with providers, industry representatives and other stakeholders, exploring ways of increasing the profile of CTFs and enabling account owners to be aware of and trace their accounts.
HMRC encourages anyone unsure about their situation to get in touch with their account provider. If people don’t know their account provider, they can easily locate their Child Trust Fund accounts online by using the “Find my CTF” page on GOV.UK https://www.gov.uk/child-trust-funds/find-a-child-trust-fund
Information on Child Trust Funds is available in HMRC’s Annual Savings Statistics.
https://www.gov.uk/government/statistics/annual-savings-statistics-2024
HMRC assists young people in accessing their matured CTFs through its online tracing service and through targeted communications appropriate to the age group. It will continue its work with providers, industry representatives and other stakeholders, exploring ways of increasing the profile of CTFs and enabling account owners to be aware of and trace their accounts.
HMRC encourages anyone unsure about their situation to get in touch with their account provider. If people don’t know their account provider, they can easily locate their Child Trust Fund accounts online by using the “Find my CTF” page on GOV.UK https://www.gov.uk/child-trust-funds/find-a-child-trust-fund
Information on Child Trust Funds is available in HMRC’s Annual Savings Statistics.
https://www.gov.uk/government/statistics/annual-savings-statistics-2024
HMRC assists young people in accessing their matured CTFs through its online tracing service and through targeted communications appropriate to the age group. It will continue its work with providers, industry representatives and other stakeholders, exploring ways of increasing the profile of CTFs and enabling account owners to be aware of and trace their accounts.
HMRC encourages anyone unsure about their situation to get in touch with their account provider. If people don’t know their account provider, they can easily locate their Child Trust Fund accounts online by using the “Find my CTF” page on GOV.UK https://www.gov.uk/child-trust-funds/find-a-child-trust-fund
Information on Child Trust Funds is available in HMRC’s Annual Savings Statistics.
https://www.gov.uk/government/statistics/annual-savings-statistics-2024
HMRC assists young people in accessing their matured CTFs through its online tracing service and through targeted communications appropriate to the age group. It will continue its work with providers, industry representatives and other stakeholders, exploring ways of increasing the profile of CTFs and enabling account owners to be aware of and trace their accounts.
HMRC encourages anyone unsure about their situation to get in touch with their account provider. If people don’t know their account provider, they can easily locate their Child Trust Fund accounts online by using the “Find my CTF” page on GOV.UK https://www.gov.uk/child-trust-funds/find-a-child-trust-fund
Information on Child Trust Funds is available in HMRC’s Annual Savings Statistics.
https://www.gov.uk/government/statistics/annual-savings-statistics-2024
HMRC assists young people in accessing their matured CTFs through its online tracing service and through targeted communications appropriate to the age group. It will continue its work with providers, industry representatives and other stakeholders, exploring ways of increasing the profile of CTFs and enabling account owners to be aware of and trace their accounts.
HMRC encourages anyone unsure about their situation to get in touch with their account provider. If people don’t know their account provider, they can easily locate their Child Trust Fund accounts online by using the “Find my CTF” page on GOV.UK https://www.gov.uk/child-trust-funds/find-a-child-trust-fund
Information on Child Trust Funds is available in HMRC’s Annual Savings Statistics.
https://www.gov.uk/government/statistics/annual-savings-statistics-2024
I refer the Honourable Member to the answer given to UIN 44920.
As with other parts of the tax system, the term ‘error and fraud’ includes this full range of behaviours, from mistakes and failure to take reasonable care, through to deliberate non-compliance.
The Government is committed to further enhancing the administration of R&D tax reliefs. To support this, HMRC published a consultation on 26 March to explore widening the use of advance clearances in the reliefs to help further reduce error and fraud, while also improving the customer experience and providing certainty to businesses.
As with other parts of the tax system, the term ‘error and fraud’ includes this full range of behaviours, from mistakes and failure to take reasonable care, through to deliberate non-compliance.
The Government is committed to further enhancing the administration of R&D tax reliefs. To support this, HMRC published a consultation on 26 March to explore widening the use of advance clearances in the reliefs to help further reduce error and fraud, while also improving the customer experience and providing certainty to businesses.
The Government know increased costs in essential areas such as energy, food, and housing are causing genuine worries and hardship for many people. That is why the Government is prioritising growth so we can boost wages and put more money in people’s pockets.
To support those most in need, we have introduced a Fair Repayment Rate on debt deductions in Universal Credit and extended the Household Support Fund in England, as well as Discretionary Housing Payments in England and Wales.
At recent fiscal events and in the Chancellor’s January growth speech, the Government set out the next steps in delivering our approach for regional growth, spreading growth across the country through investment and reform, including via devolution of funding and powers. This will benefit people across the country, including in the Fylde constituency.
Information on the number of households that have a joint income of over £90,000 that are not subject to the High Income Child Benefit Charge is only available at disproportionate cost.
Information on the number of households that have a joint income of over £90,000 that are not subject to the High Income Child Benefit Charge is only available at disproportionate cost.
Information on the number of households that have a joint income of over £90,000 that are not subject to the High Income Child Benefit Charge is only available at disproportionate cost.
Information on the number of households that have a joint income of over £90,000 that are not subject to the High Income Child Benefit Charge is only available at disproportionate cost.
I have convened a Financial Inclusion Committee of industry and consumer representatives to develop the Government’s Financial Inclusion Strategy, which will be published later this year.
The strategy will tackle a range of issues, including access to affordable credit, digital inclusion, and financial capability and education. I am meeting with the Committee in June to discuss potential strategy interventions.
The Government possesses a range of diplomatic, economic, trade and other tools to respond to economic statecraft mechanisms if they are deployed against the UK. We work with the G7 and a range of other close partners to strengthen our joint resilience in ways that uphold the rules-based international economic system.
The UK Government continues to invest in training and capability building for officials in His Majesty’s Treasury to ensure economic security preparedness, including via the College for National Security. The Integrated Security Fund's Economic Deterrence Initiative has funded training and tailored analysis to improve economic security resilience and preparedness across HM Treasury.
VAT is the UK’s third largest tax. It is forecast to raise £180 billion in 2024/25, which funds public services. VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
VAT is the UK’s third largest tax. It is forecast to raise £180 billion in 2024/25, which funds public services. VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for all retail, hospitality, and leisure (RHL) properties with rateable values below £500,000 from 2026-27.
The Government intends to fund this by introducing a higher multiplier on all properties with a rateable value (RV) of £500,000 and above.
The rates for any new business rate multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes as well as the economic and fiscal context.
At £90,000, the UK has a higher VAT registration threshold than any EU country and the joint highest in the OECD. This means the majority of UK businesses are kept out of the VAT system.
We have made clear the importance of investing in major city regions outside London and the South East - bringing the productivity of major city regions like Greater Manchester, the West Midlands, and West Yorkshire just to the national average would deliver an extra £33bn in economic output.
The government revealed at Autumn Budget an over £100 billion increase in departmental capital investment over the next five years compared to plans the government inherited.
We have also announced: a new approach to regional investment between the OFI and the NWF; the launch of a review into the Green Book and its application to supporting place-based objectives; the launch of a taskforce on devolution in Greater Manchester to then be rolled out elsewhere; and put £240m towards 16 trailblazers, including one in every MCA, to tackle the root causes of inactivity.
We have committed to funding for local leaders to unleash their areas’ untapped potential with over £1 billion for the North to improve the transport services people use every day – backing regional mayors and ensuring decisions about the North sit with those who call it home. This comes alongside £270 million investment in bus services and £330 million in road maintenance across the North.
From the start of the next financial year (2025-26) Greater Manchester Combined Authority (GMCA) will receive integrated funding settlements worth over £630m. This will give the Mayor meaningful control over funding and improve the fragmented funding landscape for Mayoral Combined Authorities (MCAs) with a flexible single pot, empowering them to drive local growth and invest in local priorities.
Trafford Council will also receive the +2.5% bespoke additional council tax referendum principles agreed to in their 2025-26 settlement.
Further, in recognition of Barrow’s vital role in upholding our national security, the town will receive £200m of government investment through the Barrow Transformation Fund.
We have made clear the importance of investing in major city regions outside London and the South East - bringing the productivity of major city regions like Greater Manchester, the West Midlands, and West Yorkshire just to the national average would deliver an extra £33bn in economic output.
The government revealed at Autumn Budget an over £100 billion increase in departmental capital investment over the next five years compared to plans the government inherited.
We have also announced: a new approach to regional investment between the OFI and the NWF; the launch of a review into the Green Book and its application to supporting place-based objectives; the launch of a taskforce on devolution in Greater Manchester to then be rolled out elsewhere; and put £240m towards 16 trailblazers, including one in every MCA, to tackle the root causes of inactivity.
We have committed to funding for local leaders to unleash their areas’ untapped potential with over £1 billion for the North to improve the transport services people use every day – backing regional mayors and ensuring decisions about the North sit with those who call it home. This comes alongside £270 million investment in bus services and £330 million in road maintenance across the North.
From the start of the next financial year (2025-26) Greater Manchester Combined Authority (GMCA) will receive integrated funding settlements worth over £630m. This will give the Mayor meaningful control over funding and improve the fragmented funding landscape for Mayoral Combined Authorities (MCAs) with a flexible single pot, empowering them to drive local growth and invest in local priorities.
Trafford Council will also receive the +2.5% bespoke additional council tax referendum principles agreed to in their 2025-26 settlement.
Further, in recognition of Barrow’s vital role in upholding our national security, the town will receive £200m of government investment through the Barrow Transformation Fund.
We have made clear the importance of investing in major city regions outside London and the South East - bringing the productivity of major city regions like Greater Manchester, the West Midlands, and West Yorkshire just to the national average would deliver an extra £33bn in economic output.
The government revealed at Autumn Budget an over £100 billion increase in departmental capital investment over the next five years compared to plans the government inherited.
We have also announced: a new approach to regional investment between the OFI and the NWF; the launch of a review into the Green Book and its application to supporting place-based objectives; the launch of a taskforce on devolution in Greater Manchester to then be rolled out elsewhere; and put £240m towards 16 trailblazers, including one in every MCA, to tackle the root causes of inactivity.
We have committed to funding for local leaders to unleash their areas’ untapped potential with over £1 billion for the North to improve the transport services people use every day – backing regional mayors and ensuring decisions about the North sit with those who call it home. This comes alongside £270 million investment in bus services and £330 million in road maintenance across the North.
From the start of the next financial year (2025-26) Greater Manchester Combined Authority (GMCA) will receive integrated funding settlements worth over £630m. This will give the Mayor meaningful control over funding and improve the fragmented funding landscape for Mayoral Combined Authorities (MCAs) with a flexible single pot, empowering them to drive local growth and invest in local priorities.
Trafford Council will also receive the +2.5% bespoke additional council tax referendum principles agreed to in their 2025-26 settlement.
Further, in recognition of Barrow’s vital role in upholding our national security, the town will receive £200m of government investment through the Barrow Transformation Fund.
The Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.
The Government continues to engage with the banking sector and affected industries, as well as the regulator, to better understand the existing and emerging issues in this area.
The Government also welcomes the Financial Conduct Authority’s (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.
Public Sector pay rises will be funded from Departmental Budgets across the Parliament – there is no centrally provided funding available for pay rises.
Departments have set out in their evidence to the Pay Review Bodies (PRBs) what is affordable for 2025-26 pay awards for their workforces. Departmental budgets for 2026-27 onwards are subject to the ongoing Spending Review.
The Government is committed to supporting our vital emergency services.
That is why in 2025/26 we have increased health spending by £22.6 billion relative to 2023/24, policing funding by £1.1 billion and standalone Fire and Rescue Authorities by £65.5 million compared to 2024/25.
Funding settlements for emergency services over the next three years will be set out in June’s Spending Review.
The government is committed to reforming our pensions landscape to increase returns for savers and boost growth for Britain. This is a journey the industry is already on. Last week, 17 workplace pension providers signed the Mansion House Accord, pledging to invest 10% of their main default funds in private assets, such as infrastructure, by 2030. At least 5% will be for UK assets, which could unlock over £25bn of new UK investment in key sectors.
The hospitality sector plays a vital role in the UK economy, providing jobs and supporting local high streets and communities.
That is why the government announced a range of measures at Autumn Budget to support businesses, including those in the hospitality sector. These include:
We keep all taxes under review and continue to explore ways to support the UK’s vital hospitality sector.
HMRC previously published Income Tax, NICs, tax credits and Child Benefit statistics for non-UK nationals. This release was discontinued in 2023 following user consultation.
HMRC currently publish UK payrolled employments by nationality, region, industry, age and sex.
The nationality of the final consumer of goods and services does not appear on VAT returns.
The UK Internal Market Scheme (UKIMS) was launched in June 2023, allowing businesses across the United Kingdom to apply, and HMRC has successfully encouraged over 10,000 traders to get authorised.
HMRC is required to take a decision regarding the outcome of a UKIMS application within 120 days. Applications are typically processed with an average turnaround time of 12 to 15 working days. HMRC must undertake a range of checks to verify eligibility for the scheme and, in certain cases, seek further information from businesses.
More guidance can be found on gov.uk at:
The UK Internal Market Scheme (UKIMS) was launched in June 2023, allowing businesses across the United Kingdom to apply, and HMRC has successfully encouraged over 10,000 traders to get authorised.
HMRC is required to take a decision regarding the outcome of a UKIMS application within 120 days. Applications are typically processed with an average turnaround time of 12 to 15 working days. HMRC must undertake a range of checks to verify eligibility for the scheme and, in certain cases, seek further information from businesses.
More guidance can be found on gov.uk at:
The UK Internal Market Scheme (UKIMS) was launched in June 2023, allowing businesses across the United Kingdom to apply, and HMRC has successfully encouraged over 10,000 traders to get authorised.
HMRC is required to take a decision regarding the outcome of a UKIMS application within 120 days. Applications are typically processed with an average turnaround time of 12 to 15 working days. HMRC must undertake a range of checks to verify eligibility for the scheme and, in certain cases, seek further information from businesses.
More guidance can be found on gov.uk at:
The number of non-domiciled residents who have left the UK since 5 July 2024 is not held currently.
The official statistics on non-domiciled taxpayers is the UK are published here:
https://www.gov.uk/government/statistics/statistics-on-non-domiciled-taxpayers-in-the-uk
The Government is committed to incentivising greater saving and investment, to help people save for their future goals and build greater financial resilience. The Government offers a generous tax treatment on Individual Savings Accounts (ISAs) to support people of all incomes and at all stages of life to save.
Individuals can currently save or invest up to £20,000 per year in an ISA, with all income and gains received in the wrapper received tax-free.
The Financial Services Growth & Competitiveness Strategy Call for Evidence, which closed on 12 December, asked how increasing retail participation in capital markets could support long-term sustainable growth within the sector and the wider economy. The call for evidence welcomed further evidence on how to improve consumer engagement with investing, and the Government is considering the feedback provided.
The Government is looking at options for reforms to ISAs that get the balance right between cash and equities to earn better returns for savers, boost the culture of retail investment, and support the growth mission.
The Government keeps all aspects of tax and savings policy under review.
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Government is making available up to £3.7 billion of additional funding for social care authorities in 2025/26, which includes a £880 million increase in the Social Care Grant. This represents an increase to local government spending power of up to 6.8% in cash terms.
The Government increased funding for the core schools budget by £2.3 billion, increasing per pupil funding in real terms, in 2025-26. £1 billion of this funding will go towards supporting the special educational needs and disabilities (SEND) system.
The Government also provides support for charities via our tax regime, which is among the most generous of anywhere in the world, with tax reliefs for charities and their donors worth just over £6 billion for the tax year to April 2024.
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Government is making available up to £3.7 billion of additional funding for social care authorities in 2025/26, which includes a £880 million increase in the Social Care Grant. This represents an increase to local government spending power of up to 6.8% in cash terms.
The Government increased funding for the core schools budget by £2.3 billion, increasing per pupil funding in real terms, in 2025-26. £1 billion of this funding will go towards supporting the special educational needs and disabilities (SEND) system.
The Government also provides support for charities via our tax regime, which is among the most generous of anywhere in the world, with tax reliefs for charities and their donors worth just over £6 billion for the tax year to April 2024.
The Government understands the importance of face-to-face banking to communities and businesses, and is committed to championing sufficient access for all as a priority.
That is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 220 hubs have been announced so far, and over 150 are already open.
Cash Access UK, who oversee the rollout of banking hubs, reported from their research in Brixham (Devon) and Rochford (Essex), in October 2024 that spend on the high street is 71% higher amongst those who have visited the banking hub. Almost half (47%) of businesses surveyed said they have experienced an increase in footfall thanks to the banking hub.
In addition, Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers, including business customers, fairly. Where firms fall short of expectations, the FCA may ask for closures to be paused or other options to be put in place.
HMRC collects data for Self Assessment returns in compliance with General Data Protection Regulation (GDPR). These rules ensure that data we collect is adequate, relevant, and limited to what is necessary. National identity is not needed for processing Self Assessment.
According to the Financial Conduct Authority (FCA), the vast majority of borrowers switch within 6 months of the end of an introductory deal. However, the Government understands the challenges facing mortgage borrowers that struggle to switch to new loans. These borrowers are predominantly with closed book mortgage providers. Correspondence from the FCA to the Treasury Select Committee has shown that the number of borrowers with closed book mortgage providers have consistently declined since 2021.
There are significant measures in place to protect vulnerable mortgage borrowers across the mortgage market. FCA rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. Closed book lenders must also comply with the FCA’s Consumer Duty, which ensures firms prioritise fair treatment and good outcomes for their customers.
According to the Financial Conduct Authority (FCA), the vast majority of borrowers switch within 6 months of the end of an introductory deal. However, the Government understands the challenges facing mortgage borrowers that struggle to switch to new loans. These borrowers are predominantly with closed book mortgage providers. Correspondence from the FCA to the Treasury Select Committee has shown that the number of borrowers with closed book mortgage providers have consistently declined since 2021.
There are significant measures in place to protect vulnerable mortgage borrowers across the mortgage market. FCA rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. Closed book lenders must also comply with the FCA’s Consumer Duty, which ensures firms prioritise fair treatment and good outcomes for their customers.
Language service needs and spend are assessed to ensure these services offer good value for money for taxpayers while maintaining high standards of service delivery.
As of January 2025, 6.9% of staff in the department are currently on an apprenticeship, which is above our target of 5%. To maintain and build on this, we continue to take the following steps:
Through these measures, the department remains committed to supporting staff development and increasing apprenticeship opportunities.
The Government is committed to incentivising greater savings and investment. The Government recognises the important role that cash savings play in helping households build a financial buffer for a rainy day.
At Spring Statement, the Government announced that it is looking at options for reforms to Individual Savings Accounts that get the balance right between cash and equities to earn better returns for savers, boost the culture of retail investment, and support the growth mission.