Tag: Treasury

The press release issued by HM Treasury on 18 May 2026.

The Chancellor of the Exchequer has this day appointed Joshua Cameron Simons to be Steward and Bailiff of the Three Hundreds of Chiltern.

The press release issued by HM Treasury on 15 May 2026.

The Chancellor of the Exchequer has this day appointed Stephen Mark Flynn to be Steward and Bailiff of the Manor of Northstead.

The press release issued by HM Treasury on 14 May 2026.

The Chancellor of the Exchequer has this day appointed Stephen Patrick Gethins to be Steward and Bailiff of the Three Hundreds of Chiltern.

The press release issued by HM Treasury on 14 May 2026.

An independent review will look at how shifts in face-to-face banking services affect people and communities, with new powers enabling the Government to act on what it finds.

• Lucy Rigby, Economic Secretary to the Treasury, has commissioned independent review to protect access to face‑to‑face banking across the UK.
• Review to be led by Richard Lloyd, former Which? director and former board member of the FCA.
• Findings will inform new powers for Government to act where access to banking is at risk.

The Government is taking action to ensure people and communities across the UK can continue to access the banking services they need by commissioning an independent review alongside delivering new powers to act on the findings.

The way people across the UK use retail banking services has changed significantly, with many customers now choosing to bank online. In response, banks and building societies have reshaped their branch networks, reflecting changing customer preferences – but this may be creating challenges for those who rely on in-person banking services.

The review will gather evidence on the real‑world impact of branch closures, identify who is most affected, and assess where further action may be needed to protect access to banking services.

The Review follows the announcement of the Financial Services and Markets Bill in the King’s Speech, where the Treasury intends to include a power to be able to act swiftly if the evidence supports intervention on access to banking services.

Lucy Rigby, Economic Secretary to the Treasury, said:

Banking services are a really important part of lives and communities, and it’s critical we can all access what we need – whether through local banking services or strong community-based alternatives like credit unions.

We are supporting industry’s roll out of banking hubs , but we also need a clear picture of where communities are still losing out. This independent Review will show us where the problems are and what further action may be required – and we will move quickly to legislate where the evidence shows it is needed.

The Access to Banking Review will be chaired by Richard Lloyd OBE, who will provide a report and recommendations to Government by October 2026. He brings strong regulatory and consumer experience, having served as a non-executive director (and interim Chair) of the Financial Conduct Authority and as Executive Director of Which?

The Bill will also take forward some of the credit union common bond reforms announced in March, making it easier for credit unions in Great Britain to expand and broaden their membership.

The changes will see more people access affordable credit and a safe place to save The move will strengthen community-based financial services, delivering on the manifesto pledge to grow the mutuals sector.

He also contributed to the Access to Cash Review, which set out practical recommendations to make sure people can still withdraw and deposit cash locally. The findings of the review helped inform later changes in law and regulation, including new FCA powers  and encouraged industry solutions such as banking hubs. Richard is currently the Chair of the Independent Parliamentary Standards Authority (IPSA).

Richard Lloyd OBE, Chair of Access to Banking review, said:

Banking is an essential service that every consumer and community in the UK needs. That’s why it’s so important to take stock of the impact that the big shift to digital services has already had, and to understand the need for access to in-person banking in the future. I hope to hear from as wide a range of views as possible, and welcome the Treasury’s commitment to taking action should this independent review find evidence that new legislation is needed.

Gareth Oakley, Chief Executive Officer, Cash Access UK said:

While cash usage continues to decline as digital payments expand, we’ve seen first-hand how important local access to cash and face-to-face banking is for many households and businesses. Our job is to deliver solutions where these are needed and to date we’ve opened 237 banking hubs and over 140 deposit services.

There’s more work to be done, but the good news is that 95 percent of customer needs are met when visiting a banking hub and nearly 9 in 10 customers would recommend Hub services to family and friends.

We look forward to contributing towards the review and working with Government.

Sarah Harrison, Chief Executive, Building Societies Association (BSA)

Building societies and credit unions are rooted in local communities and provide more than 1 in 3 high street branches.

As customer needs change, building societies are continuing to meet these both by investing in digital channels as well as innovating in high street branches and the use of community spaces – so it’s the customer’s choice of how and when to engage.  We welcome the Government’s Access to Banking Review and look forward to contributing.

The proposed credit union reforms are an important step in helping more people to access fair, straightforward financial services, essential at a time when household finances are under real pressure. Access to affordable borrowing and a safe place.

Matt Bland, Chief Executive, All Together Money – The credit union movement, said:

We’re delighted to see credit union common bond reform confirmed in the King’s Speech. This is a significant step forward for the sector in delivering our Credit Union Sector Growth Plan. The proposed changes will remove barriers to growth and provide credit unions with greater flexibility to reach many more people with affordable financial services alongside the major Fair4All Finance investment in credit union transformation committed to in the Financial Inclusion Strategy.

Notes to editors:

Banking hubs

• Access to cash is already protected by regulation, with voluntary solutions like banking hubs being put in place. The Government has a manifesto commitment to work with industry to deliver 350 banking hubs by the end of this Parliament. Delivery is well underway, with over 275 hubs announced, and more than 230 already open. But there are no equivalent protections for wider in-person banking services.
• Banking hubs are a voluntary industry initiative from the largest UK high street banks which provide ‘assisted cash services’ in shared premises. They were developed by the industry as a way to comply with their obligations under the FCA’s access to cash regime.
• Hubs offer cash counter services provided by Post Office staff, allowing the vast majority of UK banking customers to withdraw and deposit cash. Beyond cash services, banking hubs also provide some wider in-person banking services to customers of banks, voluntarily.

Building societies

• Building societies are customer-owned businesses which reinvest their profits for the benefits of their members and communities. They all provide mortgages and savings and a number also provide current accounts.
• With all of their headquarters outside London, building societies operate through approximately 1,300 branches, holding a 35% share of branches across the UK. 

Credit unions

• Credit unions are financial co-operatives that receive savings deposits from their members and provide loans to members using these funds, with the interest paid contributing to the provision of their services.
• Credit unions must have a ‘common bond’ – a defined connection between members, such as living or working in a particular area, or sharing a workplace or profession.

Financial Services and Markets Bill

This Bill was announced in the King’s Speech on the 13 May.

The press release issued by HM Treasury on 23 April 2026.

The Government will contact thousands of young people about forgotten Child Trust Funds (CTFs) in a bid to reunite account holders with their accounts, worth £2,200 on average.

CTFs were introduced by the Government in 2005 to ensure every child had a concrete stake in our economy and access to an asset on which to build a financial future once they reached 18.  The scheme ran for children born between 1 September 2002 and 2 January 2011.

The Government is undertaking an extensive awareness campaign urging young people to locate their CTFs through the free “Find My Child Trust Fund” service on GOV.UK. As it stands too many young people are unaware they have a CTF and over 750,000 accounts are unclaimed. The Government is determined to act so every young person that has a CTF is aware of how to access it.

In order to build on existing efforts, HMRC will be writing to all 21-year-olds whose accounts remain unclaimed to make them aware they have a CTF.

In addition, the Economic Secretary to the Treasury, Lucy Rigby, convened a roundtable earlier this week with CTF providers from across the sector to identify how the sector can go further in reconnecting savers with their CTF accounts, and how Government and industry can coordinate their efforts to greatest effect.

Economic Secretary to the Treasury, Lucy Rigby, said:

Hundreds of thousands of young people in this country don’t know they have a CTF, let alone how to access it. Some will have a couple of thousand pounds sat there that would really help them as they begin adult life.

I’m determined that those who have CTFs are made aware they have this money.

Together, we will ensure funds from these Child Trust Funds can be accessed by young people to help give them the best start to adult life.

Notes to editors

• HMRC already provide a free “Find My Child Trust Fund” service on GOV.UK to help connect savers to their CTF provider.
• Regular publicity campaigns to raise awareness of Child Trust Funds are targeted to young people and their parents and include press activity, broadcast, social media, stakeholder and paid-for partnerships.
• Alongside this, HMRC is taking further targeted action to help young people access their Child Trust Funds by writing to 21 years olds whose accounts remain unclaimed to make them aware they have a CTF account and encourage them to claim it. 21 has been chosen as HMRC believes that at that age, most young people will have had some interaction with HMRC either through PAYE or student finance, resulting in an up-to-date address information.
• Young people can access the CTF provider finder tool here.

Roundtable attendees

• Simon Gallimore, CEO, Unity Mutual
• Nici Audhlam-Gardiner, CEO, Forester Life Ltd
• Jim Islam, CEO, Family Equity Plan Limited (Trading as One Family) & Engage Mutual Funds Ltd
• Gail Thomson, Business Risk & Oversight Lead, Royal Bank of Scotland Plc
• Tom Riley, Group Director of Retail Products, Nationwide
• Martin Oates, Head of Wealth & Private Bank Operations, HSBC
• James Short, General Manager, Pilling & Co Stockbrokers Ltd
• Peter Green, CEO, Rechabite Friendly Society Ltd (Trading as Healthy Investment)
• Jamie Bellamy, CEO, Sheffield Mutual Friendly Society

The press release issued by HM Treasury on 16 April 2026.

The Government has announced that electricity bills will be cut by up to 25% for over 10,000 businesses through the British Industrial Competitiveness Scheme.

• Chancellor announces bold action on businesses’ electricity bills during IMF meetings in Washington, as Government strengthens Britain’s economic security – helping deliver stability, keeping costs down, and boosting competitiveness.
• Bills cut by up to 25% for over 10,000 manufacturers from April 2027, with no increase to household and business energy bills.
• British Industrial Competitiveness Scheme (BICS) to be expanded by 40%, with one-off additional payment in 2027 rolled out to an extra 3,000 businesses and cover support firms would have received from April 2026.

The Chancellor Rachel Reeves today [16 April] confirmed electricity bill cuts for over 10,000 manufacturers as the next phase of the Government’s plan to boost Britain’s competitiveness.

The final design of the British Industrial Competitiveness Scheme (BICS), first announced in last year’s Modern Industrial Strategy, means the scheme will be expanded to cover an extra 3,000 businesses.

The announcement comes as the Chancellor is in Washington to set out Britain’s plan for economic security through the Middle East crisis — prioritising stability, keeping costs down for families and businesses, taking back control of our energy costs, and going further and faster on our plan for a stronger, more resilient economy.

Chancellor of the Exchequer Rachel Reeves said:

This Government has the right plan for the economy: backing British industry, cutting electricity costs, and building a stronger, more resilient future. 

Today’s announcement will cut energy bills for over 10,000 manufacturers, helping businesses to compete, win and create good jobs across the country, and to deliver our modern Industrial Strategy.

Business Secretary Peter Kyle said:

We are a government of action, and when global instability puts businesses under pressure we’ll always do what’s needed to support them and ensure Britain’s resilience. By extending the reach of BICS by 40 percent, we’re acting decisively to tackle the number one issue that businesses face head-on.

This is what our Modern Industrial Strategy is all about: giving businesses certainty and stability in an unstable time, and backing Britain’s fastest growing sectors with the support they need to prosper and deliver good jobs right across our communities.

Automotive and aerospace, steel, and pharmaceuticals are among the sectors where eligible businesses are to benefit from a one-off additional payment in 2027. This will cover the support firms would have received if BICS had been in place from April 2026.

Eligibility has also been expanded by 40%, from 7,000 to over 10,000 businesses. This targets support at energy-intensive firms on the number one issue they face – high electricity costs.

From April 2027, eligible firms will see electricity bills cut by up to 25 percent. Households will see no increase in their bills as a result.

BICS will exempt eligible businesses from the indirect costs of three electricity schemes: the Renewables Obligation, Feed-in Tariffs, and the Capacity Market. This is worth around £35–£40 per MWh.

It is expected to be worth up to £600 million per year from April 2027. Households and other businesses not benefitting will see no increase in their energy bills.

The scheme will be funded through a combination of changes within the energy system and Exchequer funding, with full detail to be set out in Budget 2026.

Rain Newton-Smith, CBI Chief Executive, said:

This move marks a significant step towards addressing the high energy costs that are placing growing financial pressure on UK businesses and undermining their international competitiveness.

By expanding eligibility and introducing backdated payments to the British Industrial Competitiveness Scheme, the government has shown it is listening to firms grappling with volatility in global energy markets.

As the UK looks to reshape and modernise its industrial base, this decision provides an opportunity to rethink how we fund our energy infrastructure. Extending this competitiveness-first approach across the wider economy could help support growth.

Mike Hawes, SMMT Chief Executive said:

The final design of the British Industry Competitiveness Scheme (BICS) is a major win for Britain’s automotive manufacturers, promising to drive down industrial energy costs and boost competitiveness.

This decisive first step answers our longstanding calls for energy support that reaches the whole of the automotive manufacturing supply chain and recognises the sector’s critical contribution to the UK economy. It sends a clear and immediate signal that we are open for business and a prime destination for investment.

Shevaun Haviland, Director General of the British Chambers of Commerce said:

Expanding BICS is the right move to help some firms struggling across the UK. It shows the government has listened to our calls for more energy intensive manufacturing businesses to receive help with the cost of energy.  

This welcome first step will help make more of these firms remain globally competitive. Companies will also be pleased that support will be backdated to April 2026, as we called for, further acknowledging the impact of recent energy cost volatility.

Sectors that could benefit include automotive and aerospace, steel producers, metal fabricators, pharmaceutical and medical supplies companies, recycling businesses, plastic producers, nuclear fuel processors, and cooling and ventilation equipment manufacturers.

A second consultation on the regulatory changes needed to deliver the scheme closes on 14 May 2026. Legislation is expected to be in place by Autumn 2026.

Please see the Government response to the British Industrial Competitiveness Scheme: consultation on scheme eligibility and approach.

The announcement follows a £420 million boost for around 500 of the UK’s most energy-intensive businesses through the Supercharger, which took effect on 1 April and increased the discount on electricity network charges from 60% to 90% for sectors including steel, cement, glass and chemicals.

Background

• Exemptions on Renewables Obligation and Feed-in Tariff levies will apply from April 2027; Capacity Market exemptions from October 2027.
• Both large businesses and SMEs will be eligible, with support not prioritised by size. Businesses will receive exemptions on their bills applied site by site based on the share of electricity used to manufacture eligible products at that site.
• Sites using less than 25% eligible electricity will receive no exemption, 25% to less than 50% will receive a 50% exemption, and 50% or more will receive a 100% exemption.
• The full list of eligible SIC and HS codes will be available online on gov.uk on 16 April; businesses will need to be able to evidence both.
• The backdated payment will reflect the support businesses would have received had BICS been in operation from April 2026. Further details will be published separately.
• Full details of funding arrangements and bill impacts will be published in an Impact Assessment alongside the legislation in Autumn 2026.
• A scheme review will take place in 2030.
• Further information and the second consultation is available on gov.uk.

The press release issued by HM Treasury on 7 April 2026.

Entrepreneurs, start-ups and scale-ups are to receive a boost as a package to unlock private investment and double tax reliefs is brought into force.

• £100 million of new investment a year unlocked as entrepreneurship tax relief package comes into force.
• Package includes significant expansion of Enterprise Management Incentives scheme, Enterprise Investment Scheme, and Venture Capital Trusts.
• Wider support measures include the British Business Bank’s Five-Year Strategic Plan and three years of UK Listings Relief.

Entrepreneurs, start-ups and scale-ups are to receive a boost as a package to unlock private investment and double tax reliefs is brought into force.

The changes implemented today (6 April 2026) at the start of the new tax year include:

• Significantly expanding the number of companies eligible for the Enterprise Management Incentives (EMI) scheme, further supporting companies to attract and reward talent.
• Doubling the amount a company can raise through the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) to boost investment through additional tax relief through these schemes.

Chancellor Rachel Reeves introduced the package for entrepreneurs at Budget 2025, and together these changes are expected to support around £100 million of additional investment a year.

The EMI is a world-leading tax advantaged share scheme which allows eligible companies to offer their employees options to acquire tax-advantaged shares. EIS and VCT provide a range of tax reliefs for investors to encourage investment in higher-risk, early-stage companies that face the biggest challenges in accessing growth capital.

Chancellor of the Exchequer, Rachel Reeves, said:

I am backing business with a more active state that’s making big commitments to industry. I have taken steps to unlock £100 million a year for new investment in the businesses founded by our wealth creators so they can access the finance critical to their success.

The expansion to EMI will include quadrupling the gross assets test from £30 million to £120 million while both the employee limit, and company share option limit, will be doubled from 250 to 500, and £3 million to £6 million, respectively. This is expected to support around 1,800 of the highest growth scale-up companies in sectors including financial technology, life sciences, and AI over the next five years, allowing them to reward an estimated 70,000 employees.

The EIS and VCT lifetime company investment limits will double to £24 million, and the annual company investment limits will increase to £10 million. The gross assets test will increase to £30 million before share issue, and £35 million after.

The government is backing the UK’s most innovative companies. Knowledge intensive companies using EMI, EIS and VCTs benefit from higher asset and investment limits so they can continue to benefit from the schemes as they scale.

Income Tax relief available for those investing in VCTs will be reduced from 30% to 20%, to better balance the amount of upfront tax relief compared to EIS, and incentivising funds to seek out higher returns to ensure they are targeting the highest growth companies.

As part of the package, the government launched a Call for Evidence at Budget 2025 to gather evidence from founders, scaling companies and investors, on tax policy support for investment in high-growth UK companies. The consultation closed in February and the government will respond in due course.

The government is also supporting scale-ups to list in the UK as the Chancellor announced at the Budget, in an international first, UK Listing Relief – a three-year exemption from Stamp Duty Reserve Tax for companies listing in the UK. This will boost the trading volumes and share prices of UK scale-ups that take the next step and list in the UK.

Today’s package comes on top of the British Business Bank’s (BBB) new Five-Year Strategic Plan – a step‑change in how it will support small businesses, including scaling companies, using its increased permanent financial capacity of £25.6 billion.

The BBB will invest at least £5 billion in growth-stage funds and scale-up companies, and the government has also asked the BBB to explore using its existing financial guarantee capacity to support IP-backed lending.

Stakeholder responses:

Carolyn Dawson, CEO at Founders Forum Group, said:

The UK has always been a brilliant place to start a company and today’s reforms are a positive step towards making it just as compelling a place to scale. We’re particularly pleased to see the expansion of the EMI scheme: giving more employees a genuine stake in the companies they’re building is one of the most powerful ways to attract talent and reward the risk-takers who drive British innovation forward.

But keeping Britain’s best companies at home requires an ongoing commitment from all of us to back British success stories. When British innovation thrives, it translates directly into better jobs, higher wages, and a more resilient economy for everyone.

Eva Barboni, Executive Director of Enterprise Britain, said:

Britain needs more companies to make the leap from start-up to scale-up to global champion. These measures speak directly to two of the three pillars we set out as urgent priorities in our most recent report: access to capital and the ability to attract and retain talent. 

The changes to the EMI scheme are particularly important. Talent is the lifeblood of high-growth firms, and widening access to share ownership will help more British scale-ups attract and retain the people they need to compete globally. It will also help ensure that the benefits of those companies’ success are shared more widely.

Dom Hallas, Executive Director, Startup Coalition: 

Expanding EMI is a genuine win for the startup ecosystem – it gives high-growth companies far more room to compete for talent, which is ultimately what drives scaling success. The improvements to EIS will also help unlock more capital into early-stage businesses, particularly in knowledge-intensive sectors where the UK has real comparative advantage. We are optimistic that next year we will see further improvements to the tax landscape for founders, following the ongoing call for evidence.

Irene Graham OBE, CEO at ScaleUp Institute, said:

It is very good to see the commitments made in the Budget now being fully enacted. The changes now in effect for EIS / VCT / EMI make a tangible difference to businesses scaling across sectors and geographies as they progress their global growth ambitions. The long-term increased capacity of the British Business Bank and practical solutions that are now deployed such as the British Growth Partnership Fund, alongside Venture Link, are vital enablers, working with the private sector, to build and increase critical scaleup investment into our innovative scaling firms across the country. These packages, alongside the Government’s listing relief; further review of tax policy to support investment in high-growth UK companies and focus on how to evolve IP lending, are clear signals to encourage businesses to start, scale and stay in the UK.

Hannah Seal, Partner at Index Ventures, said:

The UK now has the most competitive stock option scheme of any large economy in the world. By doubling the headcount cap and quadrupling the asset threshold for EMI, the Government has created a world-leading scheme that surpasses its global peers. This is a game-changer for British entrepreneurship, allowing UK startups to compete with global giants for the best talent. We are grateful to the founders who joined us to advocate for this change and to the Government for taking decisive action to make the UK the best place for top talent.

Elaine Stroud, Chief Executive, Entrepreneurs Forum, said:

It’s encouraging to see real practical support which will help ambitious businesses to scale. Access to funding remains one of the biggest barriers to growth, and these measures should make it easier for entrepreneurs to unlock that next stage.

The press release issued by HM Treasury on 24 March 2026.

Households across Britain set to benefit as Chancellor acts on food prices, energy bills and profiteering – taking action on cost of living pressures while securing Britain’s long-term energy independence.

• New measures to protect working people through anti-profiteering framework to ensure the CMA and other regulators can clamp down on price gouging if it takes place. 
• Powers to progress nuclear energy, with legislation to stop red-tape and vested interests holding back our energy security and indemnities to keep projects moving where they face legal challenge.
• Options for targeted reductions in import tariffs that could bring down food prices at the till for families across Britain to be assessed.

Today (Tuesday 24 March) the Chancellor set out measures to protect working people from any companies seeking to exploit this crisis, to take on vested interests holding back our energy security and to assess specific import tariff reductions to bring down food prices.

A new anti-profiteering framework will be introduced to protect working people to deal with businesses unfairly putting up prices to profiteer during this crisis. As part of this, the government will not hesitate to introduce time-limited, targeted powers if needed to ensure the CMA and other regulators can clamp down on price gouging if it takes place. 

Decisive new legislation in the next Parliamentary session will help secure Britain’s energy future, ensuring all reforms that speed up nuclear delivery are in place by the end of 2027 which will streamline approvals, reduce unnecessary delay and bring new, reliable domestic power sooner, cutting exposure to volatile gas prices. New government-backed guarantees will also be assessed to keep priority infrastructure projects moving where planning consent is legally challenged. Targeted cuts to agri-food tariffs will be explored to help bring down food prices, focusing on the areas where consumers would benefit most.

Speaking in the House of Commons the Chancellor, Rachel Reeves said:

The longer and more severe the conflict, the greater the impact on our economy and our country.

That makes the work we have been doing since the election even more important, 

To grow the economy and increase wages, through the plans I set out in my Mais lecture last week, 

And to bear down on the cost of living and build resilience in the public finances, through iron-clad fiscal rules.

The Chancellor also said:

I am preparing for the future as this conflict goes on. I know that families and businesses are worried about the impact of rising prices.

I have said that we will be responsive to a changing world and responsible in the national interest

And the Chancellor went on to tell the House:

We did not start this war. But the ongoing conflict in the Middle East affects us, and we are responding to it.

The impacts remain uncertain, but the action we have taken since the election has ensured we are in a strong position to face this latest shock.

The further steps we have taken since the start of the conflict, and the additional action I have set out today, are all focussed on a single purpose – to protect working people and to protect the public finances.

The Chancellor set out how preparations for the future would focus on being responsive to the impact of this conflict and responsible with the public finances. This builds on the extension of the 5p fuel duty cut for 17 months since the election, the launch of the Cheaper Fuel Finder and a push to ensure 100% compliance, £53 million to protect those who most need it with the price of heating oil, and energy bills capped until the end of June saving the average household £117, with £150 for vulnerable households, and tiding families over until the winter.

The Chancellor was also clear on the importance of maintaining stability in the public finances, and lessons must be learnt from previous support packages which saw households in the top income decile receive an average of £1,350 of direct energy bill support (Energy Bills Support Scheme and Energy Price Guarantee), equivalent to 11% of the total spend.

As a result, large increases in borrowing drove up inflation and interest rates, leading to higher costs for people with loans or mortgages. 

This week both the Chancellor and Business Secretary will convene an extraordinary meeting of the Regulators Council, including the CMA, to discuss their work to ensure markets continue to function properly and protect consumers. The Chancellor will also meet with supermarkets and banks this week to discuss how they can support consumers as well as Business Representative Organisations to understand what businesses of all sizes need to get them through this conflict.

This comes as the government and regulators step up action to protect consumers from unfair practices. As announced earlier this month, the Competition and Markets Authority (CMA) is stepping up monitoring on petrol and diesel prices and will publish an update as soon as possible. The CMA has also launched a market study on heating oil and is examining concerns from consumers about heating oil, and has made clear it will take enforcement action if it finds potential breaches of consumer law.

The press release issued by HM Treasury on 20 March 2026.

People who owe money to government will receive clearer, more tailored support to repay in a way they can afford, under new plans launched during Debt Awareness Week.

• Better use of data will help create realistic repayment plans, ensuring payments remain manageable for those who need support.
• While supporting people in difficulty, the government will maintain a firm approach to fraud and deliberate non‑payment, helping protect over £100 billion collected each year to fund vital public services.

Millions of people and businesses who owe money to government will benefit from more personalised and affordable repayment support, as the government sets out new plans to improve how debt owed to the public sector is managed.

The 2026–2030 Government Debt Management Strategy outlines how departments will better use data and earlier engagement to help people who fall behind on payments, ensuring repayment plans reflect individual circumstances and remain genuinely affordable. This means people who are struggling will have clearer routes to support and more consistent treatment across government.

Government is owed money for a wide range of reasons — from unpaid taxes and benefit overpayments, to fines, fees and loans. Recovering this money matters because every pound collected helps fund public services that people rely on every day, including the NHS, schools and policing.

The strategy commits government to three principles:

1.    Preventing avoidable debt, using data and early contact to intervene before debts occur or grow.

2.    Resolving existing debt fairly and consistently, with repayment plans that take account of people’s ability to pay.

3.    Improving skills and technology across departments so debt can be managed more efficiently and compassionately.

While strengthening support for people in genuine financial difficulty, the plans also ensure a tough approach to those who intentionally avoid payment or have obtained money through fraud or criminal activity.

Lucy Rigby KC MP, Economic Secretary to the Treasury

We want to make sure that those who owe money to government are treated fairly and given the chance to pay it back in a way that’s manageable.

But we’re also being clear: if you’re deliberately avoiding paying what you owe, or you’ve obtained money through fraud, we will seek to recover it. That money funds our NHS, schools and the services people depend on every day.

This strategy is about doing both of those things properly — protecting taxpayers and supporting people who are struggling.

The strategy has been published during Debt Awareness Week which shines a light on how common debt is. The government recognises that debt is a reality for many households, particularly as the cost of living continues to affect family finances. The strategy commits to working alongside debt advice organisations and wider debt industry to make sure people know where to turn for help.

Chris Leslie, chief executive at the industry trade body Credit Services Association said:

This strategy sets the government on the right course, striking an appropriate balance between standing up for the taxpayers’ best interests, while also recognising that individuals who owe money sometimes require help and flexibility in managing their repayments. Early engagement is being advocated, which will make a real difference in how cases are managed and it is encouraging to see a clear commitment to embracing new technologies and providing specialist support. The Credit Services Association is pleased to see the government taking collections practices seriously and investing in the systems, processes and skills of those handling recoveries – all necessary to ultimately pay for our vital public services.

Vikki Brownridge, Chief Executive Officer at StepChange, said:

We welcome the 2026 – 2030 Government Debt Management Strategy and the government’s responsible creditor commitment – embedding fairness principles across government will help this goal, as well as a growing focus on preventing avoidable problem debt.

At StepChange, we see how problem debt is driven by cost-of-living pressures and financial shocks. So, it’s positive to see the Strategy acknowledge the financial harm and social cost problem debt creates, and the importance of early intervention. 

The principles laid out in this strategy are important steps forward, aligning government debt collection with good practice in other regulated sectors, namely financial services, energy, and social housing.

More information

• The 2026–2030 Government Debt Management Strategy is published by HM Treasury and the Government Debt Management Function.
• Link to strategy here.
• Debt Awareness Week runs from 16 to 20 March 2026 and is led by StepChange Debt Charity.

The press release issued by HM Treasury on 20 February 2026.

HM Treasury has today launched a recruitment campaign for a new Chair of the Office for Budget Responsibility (OBR).

The OBR is the UK’s official independent economic and fiscal forecaster, responsible for examining and reporting on the sustainability of the public finances. The Budget Responsibility Committee (BRC), led by the Chair, has executive responsibility for the core functions of the OBR, including the judgements made in its economic and fiscal forecasts.   

As with all appointments to the Budget Responsibility Committee, the Chancellor will make the appointment, subject to the consent of the Treasury Committee.

Further information  

• As set out in the Budget Responsibility and National Audit Act 2011, appointments to the OBR’s BRC, including the Chair, requires the consent of the Treasury Committee. The candidate nominated by the Chancellor will therefore be subject to a pre-appointment hearing with the Treasury Committee.  
• The Budget Responsibility and National Audit Act 2011 allows each term of a BRC member, including the Chair’s, to be up to 5 years and each member may serve a maximum of two terms.  
• While the Chair’s post is currently vacant, the two current members of the BRC, Professor David Miles and Tom Josephs, will continue to lead the OBR.   

About the OBR  

The OBR was created in 2010 to provide independent analysis of the UK’s public finances. The OBR is led by the three members of the BRC who have executive responsibility for carrying out the core functions of the OBR, including any judgements made in the preparation of the economic and fiscal forecasts. They are supported in their work by the OBR’s permanent staff led by the OBR Chief of Staff. The current members of the BRC are:   

• Chair (vacant)  
• Professor David Miles  
• Tom Josephs  

About the recruitment process   

HM Treasury will run an open and competitive recruitment campaign to find a new Chair. The successful candidate will be selected by the Chancellor of the Exchequer in line with the requirements set out in the Budget Responsibility and National Audit Act 2011 and in accordance with the principles of the Governance Code for Public Appointments. The appointment will then be finalised subject to the Treasury Committee’s consent.