HM Treasury
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.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Darren Jones (Lab - Bristol North West)Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Baroness Gustafsson (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
James Murray (LAB - Ealing North)Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Economic Secretary (HM Treasury)
Torsten Bell (Lab - Swansea West)
Parliamentary Secretary (HM Treasury)
08:45
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, whether he has made a recent assessment of the potential impact of recent …
These Regulations are made under the Taxation (Cross-border Trade) Act 2018 (c. 22).
A Bill to make provision in connection with finance.
HM Treasury Commons Appearances
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:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
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.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
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.
HM Treasury - Secondary Legislation
Petitions
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).
(18,420 in the last 7 days)
(1,248 in the last 7 days)
(780 in the last 7 days)
(484 in the last 7 days)
(18,420 in the last 7 days)
(484 in the last 7 days)
(115 in the last 7 days)
(1,248 in the last 7 days)
(93 in the last 7 days)
Departmental Select Committee
Treasury Committee
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.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee: Upcoming Events
25 Feb 2025, 9:30 a.m.
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Treasury Committee - Private Meeting
26 Feb 2025, 2 p.m.
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Treasury Committee - Oral evidence
Lifetime ISA
26 Feb 2025, 2 p.m.
At 2:30pm: Oral evidence
Funmi Olufunwa - Finance Expert and Founder at Hoops Finance
Martin Lewis - Financial Journalist at MoneySavingExpert
Michael Johnson - Research Fellow
At 3:30pm: Oral evidence
Anne Fairweather - Head of Government Affairs and Public Policy at Hargreaves Lansdown
Charlotte Harrison - Chief Executive of Home Financing at Skipton Building Society
Richard Stone - Chief Executive at Association of Investment Companies
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Treasury Committee - Oral evidence
Lifetime ISA
26 Feb 2025, 2 p.m.
At 2:30pm: Oral evidence
Funmi Olufunwa - Finance Expert and Founder at Hoops Finance
Martin Lewis - Founder and Executive Chair at Money Saving Expert
At 3:30pm: Oral evidence
Anne Fairweather - Head of Government Affairs and Public Policy at Hargreaves Lansdown
Charlotte Harrison - Chief Executive of Home Financing at Skipton Building Society
Richard Stone - Chief Executive at Association of Investment Companies
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Treasury Committee - Oral evidence
Lifetime ISA
26 Feb 2025, 2 p.m.
At 2:30pm: Oral evidence
Funmi Olufunwa - Finance Expert and Founder at Hoops Finance
Martin Lewis - Founder and Executive Chair at Money Saving Expert
Michael Johnson - Research Fellow
At 3:30pm: Oral evidence
Anne Fairweather - Head of Government Affairs and Public Policy at Hargreaves Lansdown
Charlotte Harrison - Chief Executive of Home Financing at Skipton Building Society
Richard Stone - Chief Executive at Association of Investment Companies
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Treasury Committee - Oral evidence
Lifetime ISA
26 Feb 2025, 2 p.m.
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Treasury Committee - Oral evidence
Lifetime ISA
26 Feb 2025, 2 p.m.
At 2:30pm: Oral evidence
Martin Lewis, Founder and Executive Chair of Money Saving Expert
Funmi Olufunwa, Finance Expert and Founder of Hoops Finance
Michael Johnson, Research Fellow
At 3:30pm: Oral evidence
Anne Fairweather, Head of Government Affairs and Public Policy at Hargreaves Lansdown
Charlotte Harrison, Chief Executive of Home Financing at Skipton Building Society
Richard Stone, Chief Executive at the Association of Investment Companies
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Treasury Committee - Private Meeting
26 Feb 2025, 2:15 p.m.
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Treasury Committee - Oral evidence
Lifetime ISA
26 Feb 2025, 2:15 p.m.
At 2:30pm: Oral evidence
Martin Lewis, Founder and Executive Chair of Money Saving Expert
Funmi Olufunwa, Finance Expert and Founder of Hoops Finance
Michael Johnson, Research Fellow
At 3:30pm: Oral evidence
Anne Fairweather, Head of Government Affairs and Public Policy at Hargreaves Lansdown
Charlotte Harrison, Chief Executive of Home Financing at Skipton Building Society
Richard Stone, Chief Executive at the Association of Investment Companies
Brian Byrnes - Head of Personal Finance at Moneybox
View calendar - Save to Calendar
Treasury Committee - Oral evidence
Lifetime ISA
26 Feb 2025, 2:15 p.m.
At 2:30pm: Oral evidence
Martin Lewis, Founder and Executive Chair of Money Saving Expert
Funmi Olufunwa, Finance Expert and Founder of Hoops Finance
Michael Johnson, Research Fellow
At 3:30pm: Oral evidence
Anne Fairweather, Head of Government Affairs and Public Policy at Hargreaves Lansdown
Charlotte Harrison, Chief Executive of Home Financing at Skipton Building Society
Richard Stone, Chief Executive at the Association of Investment Companies
Brian Byrnes, Head of Personal Finance at Moneybox
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The Government’s reforms to agricultural property relief and business property relief from 6 April 2026 achieve the right balance between supporting businesses, including farms, and fixing the public finances in a fair way. The Government is not removing either agricultural property relief or business property relief. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
The Government has set out that the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those that also claim business property relief, in 2026-27 paying more inheritance tax. This means almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, would not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates only claiming business property relief are expected to be affected in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those only relating to holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility (OBR) certified this costing at Autumn Budget 2024. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR recently published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Financial Secretary (HM Treasury)
The Government’s reforms to agricultural property relief and business property relief from 6 April 2026 achieve the right balance between supporting businesses, including farms, and fixing the public finances in a fair way. The Government is not removing either agricultural property relief or business property relief. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
The Government has set out that the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those that also claim business property relief, in 2026-27 paying more inheritance tax. This means almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, would not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates only claiming business property relief are expected to be affected in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those only relating to holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility (OBR) certified this costing at Autumn Budget 2024. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR recently published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Financial Secretary (HM Treasury)
The Government’s reforms to agricultural property relief and business property relief from 6 April 2026 achieve the right balance between supporting businesses, including farms, and fixing the public finances in a fair way. The Government is not removing either agricultural property relief or business property relief. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
The Government has set out that the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those that also claim business property relief, in 2026-27 paying more inheritance tax. This means almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, would not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates only claiming business property relief are expected to be affected in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those only relating to holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility (OBR) certified this costing at Autumn Budget 2024. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR recently published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Financial Secretary (HM Treasury)
The Government’s reforms to agricultural property relief and business property relief from 6 April 2026 achieve the right balance between supporting businesses, including farms, and fixing the public finances in a fair way. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
A technical consultation will be published shortly. As set out at Autumn Budget 2024, the focus of the consultation will be on the detailed application of the £1m allowance to lifetime transfers into trusts and charges on trust property. This will inform the legislation to be included in a future Finance Bill and the Government welcomes engagement on this technical issue. There are no plans to expand the scope of the consultation.
Financial Secretary (HM Treasury)
The Government’s reforms to agricultural property relief and business property relief from 6 April 2026 achieve the right balance between supporting businesses, including farms, and fixing the public finances in a fair way. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
A technical consultation will be published shortly. As set out at Autumn Budget 2024, the focus of the consultation will be on the detailed application of the £1m allowance to lifetime transfers into trusts and charges on trust property. This will inform the legislation to be included in a future Finance Bill and the Government welcomes engagement on this technical issue. There are no plans to expand the scope of the consultation.
Financial Secretary (HM Treasury)
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility (OBR) certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact. In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.
Information from claims is not recorded to enable regional breakdowns of the number of estates expected to be affected. However, the Government has set out that around 1,500 estates across the UK only claiming business property relief are expected to be affected in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those only relating to holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
Financial Secretary (HM Treasury)
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility (OBR) certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact. In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.
Information from claims is not recorded to enable regional breakdowns of the number of estates expected to be affected. However, the Government has set out that around 1,500 estates across the UK only claiming business property relief are expected to be affected in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those only relating to holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
Financial Secretary (HM Treasury)
The Chancellor has recently announced the government’s commitment to unlock growth in the Oxford-Cambridge Growth Corridor and the high potential sectors within it, building on the proposed route of East West Rail, as part of the government’s Plan for Change to kickstart economic growth.
The Oxford-Cambridge region is home to world leading universities and globally renowned science and technology firms. But the region's true potential is being held back by several constraints, including poor transport connections and unaffordable housing and we need to go further to address the key barriers to growth across this region to deliver benefits for the whole country. This region already accounts for over 7% of total UK GDP, contributing over £40 billion to the UK economy, and fully realising its potential could add a further £78 billion by 2035 according to industry experts.
More broadly, the government has extended the UK Shared Prosperity Fund for a further year, providing £900 million for local authorities to invest in local priorities right across the UK. This includes almost £1.9 million for Wiltshire in 2025-26.
Economic Secretary (HM Treasury)
The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.
The Financial Conduct Authority (FCA) introduced regulatory rules for access to cash in September 2024. Its rules require the UK’s largest banks and building societies to assess the impact of a closure or material alteration of a relevant cash withdrawal or deposit facility, putting in place a new service if necessary.
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 200 hubs have been announced so far, and over 100 are already open.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found at the following link: https://www.link.co.uk/helping-you-access-cash/request-access-to-cash
LINK publishes data on the number of ATMs across each parliamentary constituency. LINK’s most recent data (December 2024) identifies 56 ATM cash access points, including 43 that are free-to-use in the constituency of Bromsgrove.
Economic Secretary (HM Treasury)
Tackling child poverty is at the heart of this Government’s mission to break down barriers to opportunity. The Child Poverty Taskforce is developing the Government’s plan to bring about an enduring reduction in child poverty this Parliament, as part of a 10-year strategy for lasting change.
The Minister for Employment visited the West Midlands in January 2025 and heard from key local stakeholders about challenges facing the area and how they think poverty can be better tackled.
As a down payment on the child poverty strategy, the Government has already taken action at Autumn Budget 2024 which will benefit all constituencies. This action includes the Fair Repayment Rate which lowers the cap on deductions in Universal Credit to 15% of the standard allowance from April 2025. This will benefit 1.2m households by an average of £420 per year, including 700,000 of the poorest families with children benefiting as a result of this change. In addition, the Government will provide £1 billion (including Barnett impact) to extend the Household Support Fund in England and Discretionary Housing Payments in England and Wales in 2025-26. This will help individuals and families facing the greatest hardship, including supporting them with the cost of essentials such as food, energy and housing. This builds on the previous investment of £500 million (including Barnett impact) to extend the Household Support Fund to 31 March 2025.
Chief Secretary to the Treasury
The National Living Wage (NLW) and the National Minimum Wage (NMW) are the legal wage floors that employers must follow. The NLW rate is the minimum hourly wage for eligible workers aged 21 and over and the NMW is minimum hourly wage for eligible workers aged 18-20 years old. Each year the Low Pay Commission produces recommendations for the Government on the NLW/NMW rates that aim to protect the lowest paid earners in the economy.
The State Pension is the foundation of state support for older people. To ensure financial security in later life, individuals are expected to save for their retirement. The Government is committed to ensuring that older people are able to live with the dignity and respect they deserve, which is why it committed to Triple Lock the basic and new State Pension for the duration of this parliament and provides generous pensions tax relief to enable savings. Over the course of this Parliament, the yearly amount of the full new State Pension is currently forecast to go up by around £1,900, based on the Office for Budget Responsibility’s latest forecast.
Chief Secretary to the Treasury
The Barnett formula applies to all increases or decreases to Departmental Expenditure Limits (DEL). Whenever UK Government departmental budgets change, the Barnett formula is applied in the usual way, as set out in the Statement of Funding Policy.
It is for the devolved governments to allocate their Barnett-based funding as they see fit, and they are accountable to the devolved legislatures for those decisions.
The published Block Grant Transparency document provides a detailed breakdown of how the block grants are calculated. The most recent report was published in July 2023: https://www.gov.uk/government/publications/block-grant-transparency-july-2023
Chief Secretary to the Treasury
The Government does not hold bank branch closure data.
Guidance from the FCA sets out its expectation of firms when they are deciding to reduce their physical branches or the number of free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs, and put in place alternatives, where this is reasonable.
The Government is working closely with banks to roll out 350 banking hubs by the end of this Parliament. These will provide individuals and businesses up and down the country with critical cash and banking services. Over 100 are open so far.
Economic Secretary (HM Treasury)
As of 31 March 2024, HMRC’s Large Business Directorate had a total of 2422 full time equivalent staff working within the directorate which includes 169 Customer Compliance Managers.
Exchequer Secretary (HM Treasury)
As of 31 March 2024, HMRC’s Large Business Directorate had a total of 2422 full time equivalent staff working within the directorate which includes 169 Customer Compliance Managers.
Exchequer Secretary (HM Treasury)
Making Tax Digital (MTD) is key to tackling parts of the tax gap that result from error and failure to take reasonable care, and it is helping taxpayers reduce common mistakes in their tax returns. The benefits increase is mainly due to new and improved data.
In particular, the model was updated to better account for projected increases in customer income which increased the expected number of individuals within the scope of MTD for Income Tax. It also reflects HMRC’s increased estimate of the proportion of the Self Assessment tax gap attributable to error and failure to take reasonable care which were included in the ‘Measuring tax gaps 2023 edition’ publication. Updates also incorporated findings from a published evaluation study on the impact of MTD on VAT.
Estimates will continue to be updated as new information and insight becomes available.
Financial Secretary (HM Treasury)
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The FCA will respond to the Noble Lord by letter, and a copy of the letter will be placed in the Library of the House of Lords.
Financial Secretary (HM Treasury)
Inflation has returned close to target, and while inflation may rise slightly in the near term, the OBR expect it to remain close to the 2% target across the forecast period. The Chancellor has commissioned the OBR to produce an update economic and fiscal forecast on March 26th, which will include their latest assessment of UK inflation as well as a forecast.
The independent Monetary Policy Committee of the Bank of England are responsible for controlling inflation. We fully support them in maintaining price stability sustainably in the medium term.
Financial Secretary (HM Treasury)
No. The Government is working with the EU to identify areas where we can strengthen cooperation for mutual benefit, such as the economy, energy, security and resilience. But we have been clear that there will be no return to the customs union.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government announced continued support for people and businesses, by extending the temporary 5p fuel duty cut and cancelling the planned inflation increase for 2025-26. This maintains fuel duty rates at the levels set on 23 March 2022 for an additional 12 months, and represents a saving for drivers next year of overall around £3 billion. Vans will see an average saving of £126 and heavy goods vehicles will see an average saving of nearly £1,100.
The Chancellor makes decisions on tax policy at fiscal events in the context of public finances.
It is for the Welsh Government to allocate funding in devolved policy areas, including to support the Welsh road freight industry; they are accountable to the Senedd for those decisions. The Welsh Government will receive funding through the Barnett formula for any changes to UK Government department budgets in the usual way. This is the normal operation of the funding arrangements as set out in the Statement of Funding Policy.
Exchequer Secretary (HM Treasury)
To deliver our manifesto pledge, we intend to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, including those on the high street, from 2026-27.
Whereas RHL relief currently limits that support to a cash cap of £110,000 per business, the government intends to have no such limit on the new multiplier in order to better ensure more widespread support for the high street.
Exchequer Secretary (HM Treasury)
The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.
There are no plans to change the way reserves are remunerated at the Bank of England. The government continues to support the Bank to bring inflation in line with its target, including by managing the public finances responsibly.
Economic Secretary (HM Treasury)
The Government is committed to tackling illicit finance and economic crime. We have appointed an Anti-Corruption Champion Baroness Hodge to support the government's agenda in tackling corruption at home and overseas.
HM Treasury has been working with partners across the public and private sector to update our National Risk Assessment for money laundering and terrorist financing and to deliver Economic Crime Plan 2, the government’s public-private strategy to combat economic crime and strengthen the UK system. This includes work on HM Treasury-owned actions to reform our Anti-Money Laundering/Counter Terrorist Financing supervisory regime, and to improve the effectiveness of the Money Laundering Regulations.
HM Treasury is responsible for the UK’s money laundering regulations which require that banks and other financial services companies apply enhanced customer due diligence and enhanced ongoing monitoring in any business relationships with a person established in high-risk jurisdictions as determined by the Financial Action Task Force or in relation to any relevant transaction where either of the parties to the transaction is established in a high-risk jurisdiction.
HM Treasury is also supporting the development of a new Anti-Corruption Strategy to be published in 2025 which will include measures that address the UK’s vulnerabilities to corruption and money laundering.
Economic Secretary (HM Treasury)
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.
Tax policy and legislation is not subject to the Better Regulation Framework Guidance which requires an Impact Assessment to accompany policy decisions. Nevertheless, when the new multipliers are set at Budget 2025 – to take effect in the 2026-27 billing year – HM Treasury intends to publish analysis of the effects of the new multiplier arrangements
Exchequer Secretary (HM Treasury)
To deliver our manifesto pledge, we intend to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, including those on the high street, from 2026-27.
Ahead of these changes being made, the Government recognises that businesses will need support in 2025-26. As such, we have prevented the current RHL relief from ending in April 2025, extending it for one year at 40 per cent up to a cash cap of £110,000 per business, and we have frozen the small business multiplier.
Exchequer Secretary (HM Treasury)
The Government recognises that sometimes businesses do not declare all of their income and thereby conceal their true earnings. We are committed to creating a level playing field for all, by ensuring that everyone pays the right amount of tax at the right time, to ensure trust and fairness in the tax system. Most taxpayers pay what they owe, but a small minority fail to register with HMRC or only declare a portion of their earnings. This small minority deprive our vital public services of funding, affect fair competition between businesses, and place unfair burdens on everyone else. It is vital these revenues are collected to fund our essential public services. Closing the tax gap and making sure that more of the tax that is owed is correctly paid, is one of the Government’s top priorities for HMRC.
HMRC is making it increasingly difficult for businesses to hide their earnings and have an extensive range of powers, including information gathering powers, that help build a picture of risk and identify those who are trying to abuse the system. HMRC’s approach to tax evasion aims to tackle current non-compliance and change future behaviours. These range from producing learning packages on tax obligations for schools, through to national campaigns and specialist task forces which incorporate intensive bursts of compliance activity in specific trade sectors and locations across the UK. HMRC undertakes a range of compliance activity, across every sector of the economy, to ensure that our customers are paying the correct amount of tax.
Exchequer Secretary (HM Treasury)
John Hayes
(Conservative - South Holland and The Deepings)
The Government Actuary’s Department has made use of artificial intelligence in the last twelve months primarily by focusing on internal efficiencies and department wide communications and team meetings. Where appropriate the Government Actuary’s Department has also used AI to help provide more value to clients, for example by summarising responses to technical consultations. This is compliant with Central Digital and Data Office guidance.
The department continues to seek opportunities where the innovative use of artificial intelligence can drive efficiency and add value to clients within Government, whilst safeguarding public data and information.
Exchequer Secretary (HM Treasury)
The Government recognises that online advertising may be targeted by criminals to commit fraud and that illicitly obtained funds from fraud can be laundered and used for further criminal purposes. The upcoming National Risk Assessment (NRA) for money laundering and terrorist financing will consider how the proceeds of fraud are laundered within the UK.
The Government welcomes pledges to prevent fraud by tech companies under the Online Fraud Charter and we are committed to working with industry to reduce fraud. The Online Safety Act will require the largest user to user and search services to take steps to prevent the publication or hosting of any fraudulent advertising on their service.
DCMS are leading the Online Advertising Taskforce, which is working to improve transparency and accountability in the online advertising supply chain. One of the Taskforce's key objectives is to improve the evidence around the scale and threat of the illegal harms.
Financial Secretary (HM Treasury)
Vehicle Excise Duty (VED), sometimes known as 'road tax' or ‘car tax’, is a tax on vehicles used or kept on public roads. Different rates apply to cars, vans, and motorcycles, and the rate for each vehicle is calculated according to a range of factors, such as its date of first registration, weight, or CO2 emissions.
Specifically for cars, from 1 April 2017, a reformed VED system was introduced for new cars. Under the reformed VED system, new cars pay a variable first year rate according to the emissions of the vehicle, and zero emission models currently pay nothing.
As announced at Autumn Budget 2024, from 1 April 2025, the VED first year rates are changing to further support the take-up of electric vehicles. The changes announced will freeze the lowest rate for zero emission cars at £10 until 2029-30, and introduce higher rates for higher emitting hybrid and petrol/diesel cars. These changes will only affect those purchasing a new car from 1 April 2025.
After the first year, most cars move to a standard annual rate, currently set at £190. At the moment, hybrid cars receive an annual discount of £10 off this rate, and zero emission cars pay nothing. From 1 April 2025, the standard annual rate will rise to £195 in line with the Retail Price Index (RPI), and the exceptions for zero emission and hybrid cars will end as they begin to pay the standard rates alongside petrol and diesel cars.
The government has no current plans to change the VED treatment for cars to be based on weight. The government keeps all taxes under review and any changes are announced at fiscal events.
Exchequer Secretary (HM Treasury)
No. The Government is working with the EU to identify areas where we can strengthen cooperation for mutual benefit, such as the economy, energy, security and resilience. But we have been clear that there will be no return to the customs union.
Exchequer Secretary (HM Treasury)
The Government will abolish the Furnished Holiday Lets (FHL) tax regime from April 2025. This will equalises the tax treatment of FHL and non-FHL landlords’ income and gains, making the tax system fairer.
Tax reliefs will still be available to landlords, including farmers, who provide furnished holiday letting services, including mortgage interest relief at 20 per cent and relief for the replacement of domestic items. These reliefs will be at the same level as those available to landlords who provide long-term residential lets.
Individual landlords can also benefit from the income tax Personal Allowance, which is the amount of income that can be earned before income tax is paid (£12,570 in 2024-25).
Exchequer Secretary (HM Treasury)
The Government recognises that the increasing popularity of overseas retailers and use of the customs duty relief for imports valued below £135 has caused concern for some stakeholders.
The purpose of the customs duty relief is to prevent disproportionate burdens on low-value trade, aiming to balance reducing burdens for consumers and businesses purchasing goods from overseas with the interests of UK businesses. VAT is charged on these goods at the same rate as it would be for domestic goods. We keep these issues under review.
Exchequer Secretary (HM Treasury)
Following recent case law, Double Cab Pick Ups must be treated as cars, rather than goods vehicles, for certain tax purposes, based on their primary suitability. The government will not legislate to treat DCPUs as goods vehicles as this would depart from the broader principles underpinning the Court of Appeal’s judgement, and be a significant tax break worth hundreds of millions per year.
As per paragraph 5.91, this will not affect the capital allowances treatment of anyone who already owns a DCPU; anyone who purchases a DCPU before April 2025 will still benefit from the previous tax treatment. For Benefit in Kind, anyone who has accessed a DCPU as a company car before April 2025 will not be impacted until the sooner of disposal of the vehicle, April 2029 or when their lease expires; and employers that have purchased, leased, or ordered a DCPU before 6 April 2025 will also be able to benefit from the previous treatment, until the earlier of disposal, April 2029, or when the lease expires.
There are alternatives available to farmers, which provide the same off-road and haulage capabilities and are still treated as goods vehicles, such as single cab pick-ups and 4 x 4 vans.
Exchequer Secretary (HM Treasury)
HM Revenue and Customs (HMRC) is assessing the feasibility of extending the published estimate of the tax gap arising from undisclosed foreign income, including engaging with academics.
HMRC is determined to address offshore tax non-compliance. At Autumn Budget 2024, the government published a supplementary document outlining HMRC’s approach to addressing offshore tax non-compliance, as part of the government’s wider efforts to close the tax gap: Tackling offshore tax non-compliance - GOV.UK.
Exchequer Secretary (HM Treasury)
The UK has one of the most generous and competitive capital allowances regimes in the world and is the only major economy with permanent full expensing.
The government recognises the case to extend full expensing to leasing and will explore making this change when fiscal conditions allow.
Exchequer Secretary (HM Treasury)
The previous Government announced the abolition of Multiple Dwellings Relief following an external evaluation which found no strong evidence the relief was meeting its original objectives of supporting investment in the private rented sector. In addition, and as highlighted in the November 2021 consultation on reforms to MDR, the relief was subject to high levels of abuse.
Larger investors who purchase six or more properties in a single
transaction can still continue to benefit from the non-residential rates of Stamp Duty Land Tax. The Government will continue to engage with stakeholders in the build to rent sector to understand any concerns.
On housing more broadly, the Government has committed to delivering 1.5 million new homes and is reforming the National Planning Policy Framework to get Britain building, including by reintroducing mandatory housing targets.
Exchequer Secretary (HM Treasury)
The previous Government announced the abolition of Multiple Dwellings Relief following an external evaluation which found no strong evidence the relief was meeting its original objectives of supporting investment in the private rented sector. In addition, and as highlighted in the November 2021 consultation on reforms to MDR, the relief was subject to high levels of abuse.
Larger investors who purchase six or more properties in a single
transaction can still continue to benefit from the non-residential rates of Stamp Duty Land Tax. The Government will continue to engage with stakeholders in the build to rent sector to understand any concerns.
On housing more broadly, the Government has committed to delivering 1.5 million new homes and is reforming the National Planning Policy Framework to get Britain building, including by reintroducing mandatory housing targets.
Exchequer Secretary (HM Treasury)
The previous Government announced the abolition of Multiple Dwellings Relief following an external evaluation which found no strong evidence the relief was meeting its original objectives of supporting investment in the private rented sector. In addition, and as highlighted in the November 2021 consultation on reforms to MDR, the relief was subject to high levels of abuse.
Larger investors who purchase six or more properties in a single
transaction can still continue to benefit from the non-residential rates of Stamp Duty Land Tax. The Government will continue to engage with stakeholders in the build to rent sector to understand any concerns.
On housing more broadly, the Government has committed to delivering 1.5 million new homes and is reforming the National Planning Policy Framework to get Britain building, including by reintroducing mandatory housing targets.
Exchequer Secretary (HM Treasury)
The Expensive Car Supplement is an additional VED charge for new cars with a list price of £40,000 or more, which is payable in year 2 – 6 of a car’s lifecycle.
As set out at Autumn Budget 2024, the government recognises the disproportionate impact of the current VED Expensive Car Supplement threshold for those purchasing zero emission cars and will consider raising the threshold for zero emission cars only at a future fiscal event, to make it easier to buy electric cars.
Exchequer Secretary (HM Treasury)
The Government keeps all tax policy and legislation under review as part of the Budget process.
HMRC published both external research and internal analysis looking at the impacts of the reform to the off-payroll working rules in the private and voluntary sectors, introduced in April 2021.
HMRC will continue to provide support and guidance to individuals and businesses operating the rules and will continue to look for opportunities to improve the way these rules work in practice.
Exchequer Secretary (HM Treasury)
While income and wealth are not always directly correlated, distributional analysis shows that Government decisions at Autumn Budget 2024 and Spending Review 2025, Phase 1 are progressive and benefit households in the lowest income deciles the most, on average as a percentage of income in 2025-26.
The Government is committed to making sure the wealthiest in our society pay their fair share of tax. That is why the Chancellor announced a series of reforms at Autumn Budget 2024 to help fix the public finances in as fair a way as possible. The increases in tax are concentrated on the highest income households. Overall, on average, all but the richest 10% of households will benefit from policy decisions in 2025-26.
Economic Secretary (HM Treasury)
The provision of banking services is a commercial decision taken by the banking sector.
In response to feedback from community account holders about difficulties in securing and maintaining suitable current accounts, UK Finance launched a website in July 2024, including guidance and an Account Finder tool, to help voluntary sector organisations locate an appropriate account for their needs. UK Finance also signpost where free banking services can be accessed.
In developing these resources, UK Finance worked with charitable organisations, members, and regulators, with the aim of improving how community accounts are opened and run.
Economic Secretary (HM Treasury)
The Government is committed to not raising taxes on working people, which is why we are not increasing the basic, higher, or additional rates of income tax, employee National Insurance contributions, or VAT.
The previous Government made the decision to freeze the income tax Personal Allowance at its current level of £12,570 until April 2028. The current Government is committed to keeping taxes for working people as low as possible while ensuring fiscal responsibility and so, at our first Budget, we decided not to extend the freeze on personal tax thresholds. As a result, they will rise with inflation from April 2028, meaning working people will keep more of their earnings.
Exchequer Secretary (HM Treasury)
The Government keeps the Premium Bond investment limit under review, to ensure that the limit continues to reflect the interests of savers, taxpayers, and the wider financial sector.
Economic Secretary (HM Treasury)
Eligible deposits held by UK banks, building societies and credit unions that are authorised by the Prudential Regulation Authority (PRA) are protected by the Financial Services Compensation Scheme up to £85,000, with joint accounts protected up to £170,000. This limit is set by the PRA. The PRA is required to independently review the limit every five years, and its next review is due by the end of 2025. Any changes to the limit must be approved by the Treasury and the Government would carefully consider any changes proposed by the PRA.
Economic Secretary (HM Treasury)
No. The Government is working with the EU to identify areas where we can strengthen cooperation for mutual benefit, such as the economy, energy, security and resilience. But we have been clear that there will be no return to the customs union.
Exchequer Secretary (HM Treasury)
The previous Government made the decision to freeze the income tax Personal Allowance at its current level of £12,570 until April 2028. At our first Budget, we decided not to extend the freeze on personal tax thresholds meaning they will rise with inflation from April 2028
Exchequer Secretary (HM Treasury)
The government recognises the significant impact the collapse of BetIndex Ltd had on former customers.
The Financial Conduct Authority (FCA) has responded to the Financial Regulators Complaints Commissioner’s report on BetIndex Ltd, noting that it has already implemented a number of changes that address the Commissioner’s recommendations.
HM Treasury continues to engage with the FCA on issues relating to the FCA’s regulatory perimeter, including sports spread betting.
Economic Secretary (HM Treasury)
The Money Laundering and Terrorist Financing Regulations 2017 require Professional Body Supervisors (PBSs) to identify and assess the risks of money laundering and terrorist financing in their supervised populations.
An integrated reporting mechanism established by the Economic Crime and Corporate Transparency Act 2023 (ECCTA) provides the basis for PBSs and Companies House to exchange relevant information, including risk assessments for use in their review of Authorised Corporate Service Provider (‘ACSP’) applications.
In 2024 the Treasury consulted on amendments to the Money Laundering and Terrorist Financing Regulations to further improve the information sharing and cooperation mechanisms between Companies House and Professional Body Supervisors.
Economic Secretary (HM Treasury)