Tag: Treasury

The press release issued by HM Treasury on 14 May 2025.

Jim O’Neil has been appointed as a new Second Permanent Secretary to the Treasury.

Jim brings a wealth of experience from investment banking and corporate finance to the Treasury, after a long career at Bank of America. He also has experience in the public sector, spending three years at UK Financial Investments. As Chief Executive of UKFI, he managed the government’s holdings in Royal Bank of Scotland, Lloyds Banking Group, and UK Asset Resolution.

His appointment is part of the government’s plan to deliver its number one mission to kickstart economic growth as part of the Plan for Change, and follows the Chancellor’s commitment to lead the most pro-growth Treasury in the country’s history.

Jim’s experience will help the government to secure private investment, boost the economy, and ultimately put more pounds in people’s pockets. His deep knowledge of the private sector will help the government to rip out the barriers to growth, provide support for the key industries at home, and work to secure open and fair trade abroad.

Chancellor of the Exchequer Rachel Reeves said:

I’m very pleased to welcome Jim as our new Second Permanent Secretary, his extensive knowledge of the private sector will be vital in helping us deliver our number one mission to grow the economy. It’s fantastic to have him join the Treasury’s top team.

Jim O’Neil said:

I am delighted to have been appointed Second Permanent Secretary to the Treasury at this important time for our country and our economy. We are living through a time of great change globally, making the need for an economy of stability, resilience, and growth all the more important. I look forward to working with the Chancellor, her ministers, and officials across the department to deliver on these missions so the Treasury can bring positive change to the lives of people right across the country.

Jim is expected to start in his new position in July and will work alongside the two other Second Permanent Secretaries in HM Treasury, Beth Russell who is based at the Darlington Economic Campus and Sam Beckett who is also Chief Economic Adviser. As well as overseeing tax and spending, Beth will continue to be responsible for devolution and regional growth including engagement with regional and local government and others in the north.

Jim was appointed through a fair and open competition and has completed all of the necessary declarations of interest.

The press release issued by HM Treasury on 13 May 2025.

Mansion House Accord unlocks up to £50 billion investment for the economy, with first commitments to invest in the UK.

Up to £50 billion of investment for UK businesses and major infrastructure projects is set to be unlocked through a new agreement with Britain’s biggest pension funds, as the Government goes further and faster to drive growth through the Plan for Change.

Seventeen workplace pension providers managing around 90 percent of active savers’ defined contribution pensions will sign the Mansion House Accord at a roundtable with the Chancellor and Minister for Pensions in the City of London today (Tuesday 13 May).

Signatories to the Accord will pledge to invest 10 percent of their workplace portfolios in assets that boost the economy such as infrastructure, property and private equity by 2030. At least 5 percent of these portfolios will be ringfenced for the UK, expected to release £25 billion directly into the UK economy by 2030.

This investment could support clean energy developments across the country, delivering greater energy security and helping to lower household bills, as well as delivering growth finance to Britain’s world-leading science and technology businesses – creating jobs, boosting businesses and putting more money into people’s pockets.

Pension savers will also benefit from the commitment to invest in private markets. Comparable Australian schemes invest significantly more in private markets and domestic companies than UK schemes, and research suggests greater investment in private markets can deliver security through diversified asset holdings and potentially drive higher returns.

The pledge follows hot on the heels of securing trade agreements with India and the US, which will add billions of pounds to the UK economy and protect thousands of steel and car manufacturing jobs, as well as a fourth interest rate cut since last Summer. This demonstrates the UK’s strength in navigating a changing world, going further and faster through our Plan for Change to drive growth and put more money into people’s pockets.

Rachel Reeves, Chancellor of the Exchequer, said:

Through our Plan for Change, we are choosing to back British businesses and British workers. I welcome this bold step by some of our biggest pension funds, which will unlock billions for major infrastructure, clean energy, and exciting startups — delivering growth, boosting pension pots, and giving working people greater security in retirement.

Torsten Bell, Minister for Pensions, said:

Pensions matter hugely, they underpin not just the retirements we all look forward to, but the investment our future prosperity depends on. I hugely welcome the pensions industry decision to invest in more productive assets, from growing companies to infrastructure. This supports better outcomes for savers and faster growth for Britain.

Today’s announcement is more ambitious than the 2023 Mansion House Compact, where eleven funds committed to the aim of investing 5 percent of their workplace defined contribution default funds – the off-the-shelf funds providers offer to the vast majority of savers – in unlisted companies by 2030. The new commitment involves the vast majority of the industry and brings more assets into scope, doubles the target from 5 percent to 10 percent, and includes a specific commitment to investing 5 percent in the UK.

Progress against the commitment will be monitored and the initiative will be reinforced by measures to be announced in the upcoming final report of the Pensions Investment Review. The final report will tackle fragmentation in the UK pension system, creating pension megafunds that take advantage of scale and consolidation like Australian and Canadian funds do, to invest in productive assets like private markets and big infrastructure projects.

Some pension funds have already indicated privately that they will go beyond the targets agreed through the Mansion House Accord, which could lead to even more direct investment in the UK economy – and is particularly welcomed by the government.

Today’s commitment comes alongside progress in the government’s efforts to help pension savers benefit from the opportunities of investing in UK growth. The British Business Bank has now received regulatory approval from the Financial Conduct Authority to deliver the British Growth Partnership – which will provide UK pension funds and other institutional investors with access to the Bank’s extensive pipeline of UK venture capital opportunities.

The government will continue working with the industry to make sure pension schemes deliver the best possible value for savers — while driving the investment needed to deliver growth and put more money into people’s pockets.

Yvonne Braun, Director of Policy, Long-Term Savings, Health and Protection at the ABI, said:

As major investors, the pensions industry already plays a vital role in driving growth in the UK and globally. The Accord formalises the industry’s ambition to invest more in private markets to diversify investments, support innovation and infrastructure, and ensure prosperity.  Investments under the Accord will always be made in savers’ best interests. It is now critical that Government supports the industry’s ambition, by facilitating a pipeline of suitable investment opportunities, tackling barriers to investments, and delivering wider pension reforms effectively.

Alastair King, Lord Mayor of London, said:

The Mansion House Accord builds on the strong foundations of the Compact and signals a step change in ambition: more signatories, deeper allocations to private markets, and a clearer commitment to backing UK assets. That includes a renewed focus on revitalising the Alternative Investment Market (AIM) of the London Stock Exchange as well as the Aquis Exchange, which play a critical role in supporting high-growth companies that drive innovation, jobs and productivity. If we want those firms to scale in the UK, we must ensure they have the capital to do so. This is not just about better pension outcomes, it is about building a more dynamic, competitive investment ecosystem. Delivering long-term, sustainable growth is crucial and the City of London Corporation is delighted to have partnered with industry and Government to bring this ambition to life.

Zoe Alexander, Director of Policy and Advocacy at the PLSA, said:

UK pension schemes already invest billions in UK growth assets. This accord demonstrates the collective ambition of the DC sector to do even more, as well as its confidence that the UK will provide the right opportunities to invest, consistent with schemes’ fiduciary duty to members. The Government, in its turn, has committed to take action to ensure there is a strong pipeline of investable assets for pension schemes. With everyone playing their part, there is great potential to boost returns for savers while providing vital funding to productive growth areas.

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More information

• This is a voluntary expression of intent by seventeen signatories. The Mansion House Accord has been jointly led by the ABI, City of London Corporation and the Pensions and Lifetime Savings Association.
• Signatories to the new commitment include: Aegon, Aon, Aviva, Legal & General, LifeSight, M&G, Mercer, Natwest Cushon, Nest, NOW: Pensions, Phoenix Group, Royal London, Smart Pension, the People’s Pension, SEI, TPT Retirement Solutions and the Universities Superannuation Scheme (USS).
• The signatories to the Accord have stated that £252 billion of assets are subject to the pledge. Based on historical growth rates (which have been halved to reflect a maturing market (17% per annum)) and reflecting further consolidation in the pensions market, this could rise to around £740 billion by 2030.
• The £50 billion and £25 billion cash estimates for investment unlocked are indicative and assume current private market investment levels are at 3.5%, of which 40% is UK-based. These are increased to 10% and 50% respectively by 2030 in line with the Accord.
• Some providers have indicated they may exceed the private markets investment targets in the Accord, which could lead to additional investment.
• Investments will support UK growth sectors, including clean energy infrastructure and innovative small businesses.
• Government Actuary Department Analysis from 2024 found that a portfolio with greater exposure to private markets – including infrastructure and private equity – delivered stronger returns than a baseline portfolio comprised largely of overseas equities.
• The Pensions Investment Review interim report was published at Mansion House 2024, with the final report due Spring 2025.
• Pictures will be published on HMT’s Flickr following the signing event.

Stakeholder commentary:

Andy Briggs, Phoenix Group CEO, said:

This Mansion House Accord will unlock investment in UK private markets while helping deliver better long-term returns and retirements for millions of pension savers. The new commitments have the potential to strengthen the economy by fuelling the growth of British businesses and boosting investment in critical infrastructure.

Phoenix Group has already taken a lead by launching Future Growth Capital — the first private market investment manager formed to deliver the commitments made in the initial Mansion House Compact — committing £2.5bn over three years to the UK’s most exciting, innovative and fastest growing companies. The Accord is the natural next step, and we’re proud to play our part in delivering better outcomes for our customers and for the wider society.

Patrick Heath-Lay, Chief Executive Officer of People’s Partnership, provider of People’s Pension, said:

People’s Pension has a vital role to play in the exciting, shared vision for the future of the pensions’ industry, which will see bigger, stronger, value-driven schemes that will deliver better value to their members. By signing this Accord, we are reaffirming how seriously we take our commitment to delivering better outcomes, as well as helping to drive UK economic growth.

David Lane, Chief Executive of TPT Retirement Solutions, said:

By reaching an agreement with pension providers to invest in UK productive finance in a mutually beneficial way, the Government can achieve its objective and support better outcomes for scheme members. Many pension schemes already invest in productive finance, and most are open to investing more in the UK. Investment in assets such as infrastructure, transportation, housing, venture capital and private markets can play an important role in improving risk-adjusted returns for members while also contributing to economic growth.

Meeting the Government’s objectives while also maintaining fiduciary duty and ensuring strong returns for members are not mutually exclusive ambitions. However, hurdles remain around value for money considerations and the availability of suitable investment opportunities. These should be a focus for Government policy to spur more investment. The most pressing issue to deal with is that provider pricing practices leave very little room in the annual management charge for investment fees. There needs to be a shift to a value for money approach that considers the returns from an investment and not just its fees.

Jelena Croad, Head of LifeSight GB, said:

Signing up to the Mansion House Accord is a significant step for LifeSight. We believe that private market investments can increase overall returns as part of a diversified portfolio and have already begun investing in this way.

Our ability to invest in private markets, without increasing existing fee agreements, showcases our dedication to providing the best possible outcomes for our members. We are excited to be part of this initiative and look forward to contributing to the growth of the economy in which our members live.

We are pleased that the government acknowledges the need to increase the pipeline for UK private market investment opportunities. This recognition aligns with our mission to support the growth of innovative firms and sustainable infrastructure within the UK, ultimately enhancing the retirement incomes of millions of UK pension savers.

For LifeSight members, these investments are being made as part of our main default funds, ensuring that our members benefit from high-quality investment opportunities.

Steve Charlton, a member of SPP’s DC Committee and DC Managing Director at SEI, said:

Due to ongoing collaboration and open dialogue between the industry and the UK government, we have become comfortable with the proposed changes to the Mansion House reforms. This accord demonstrates our collective ambition to have a consolidated workplace pension environment that provides flexibility and choice for pension funds to invest where they see opportunity, whilst balancing their responsibility to members.

We welcome the government’s commitment to ensure a good flow of investable opportunities for pension schemes. This mitigates our previous concerns about the risks of high-priced, poor-quality investments in an environment where the originally proposed investable opportunities are scarce. It enables everyone to play their part in helping to deliver better member outcomes and drive economic growth.

Lorna Blyth, Managing Director – Investment Proposition at Aegon UK, said:

Aegon UK is proud to be a signatory of the Mansion House Accord, which aligns with our aim to deliver better long-term outcomes for our pension scheme members.

We are committed to ensuring our customers can access and share in the potential growth and success of new, innovative companies as part of diversified portfolios. Leveraging our partnership with the British Business Bank, along with our scale and expertise, we are dedicated to developing investment solutions that improve the retirement outcomes of the millions of members of the defined contribution pension schemes we support. We’ve made significant progress in becoming a DC provider fit for the future – but our journey doesn’t end here.

The Accord is a key element of the Government’s growth agenda, alongside other initiatives likely to transform the UK’s DC pensions market. It comes as the conclusions of the Pensions Investment Review are expected imminently and further fundamental changes are expected in the Pension Schemes Bill later this spring. This makes it essential that the Government adopts a pragmatic approach to implementation. Realistic timeframes and a steady supply of high-quality UK investment opportunities across all private asset classes are crucial for ensuring success. This includes collaborating with more organisations such as the British Business Bank to provide access to diverse types of private assets – from private equity to infrastructure, which are all vital for optimising member benefits and developing investment portfolios designed for long term growth.

Amanda Blanc DBE, Aviva Group Chief Executive Officer, said:

This is a major opportunity for the pension and investment industry to support UK growth while delivering improved outcomes for pension savers. As a significant investor in private markets, Aviva has recently launched a number of funds to give over four million workplace pension customers even greater opportunity to invest in UK assets, including innovative, early-stage businesses, and we want to do much more.

Jo Sharples,  CIO, DC Solutions at Aon, said:

We believe that investing in private assets will benefit pension scheme members by delivering better expected returns over the long-term, ultimately resulting in higher retirement outcomes. The new Mansion House Accord is a great step forward in achieving this and is a fantastic example of how the UK pensions industry can work together to break down barriers to enable greater investment in private assets.

The press release issued by HM Treasury on 7 May 2025.

Nearly 300,000 customers file their Self Assessment tax return for the 2024 to 2025 tax year at earliest opportunity.

• Thousands of taxpayers filed their tax return on 6 April 2025.
• People who file their Self Assessment tax returns early and are owed a tax refund can receive it sooner.
• Customers can set up a budget payment plan at any time to make regular payments towards their tax bill.

A record nearly 300,000 people have filed their tax return in the first week of the new tax year, almost 10 months ahead of the deadline, HM Revenue and Customs (HMRC) has revealed.

Self Assessment customers can submit their tax return for the 2024 to 2025 tax year between 6 April 2025, the first day of the new tax year, and the deadline on 31 January 2026.

Thousands more people are choosing to file their tax returns during the first week of the new tax year (6 to 12 April), with an extra 28,503 filing in 2025, compared to 270,916 people in 2020.

There were 57,815 early filers on the opening day, which was a Sunday, compared to 67,870 people who filed on Saturday 6 April 2024. HMRC is encouraging people to file early so they know what tax they owe sooner, plan for any payments in advance and can avoid the stress of leaving it until January.

Jade Milbourne, 34, runs a dog grooming salon with her business partner. They offer high-quality dog grooming and teeth cleaning services for dogs ranging from Chihuahuas to German Shepherds. Jade has been running the business for 5 years and believes the way to stay on top of her tax return each year is to stay organised.

Jade said:

Filing early means that I have plenty of time to pay my tax bill. I set aside money from my wage each month and pay it as soon as I can, but also have the flexibility and time to save up more money, if needed.

I always find the more organised you are throughout the year, the less stressful it is to complete my tax return.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

Filing your Self Assessment early means you can spend more time growing your business and doing the things you love, rather than worrying about your tax return.

You too can join the thousands of customers who have already done their tax return for the 2024 to 2025 tax year by searching ‘Self Assessment’ on GOV.UK and get started today.

Filing early will help with financial budgeting and spread the cost of the tax bill over the year. Customers can set up a budget payment plan to make either weekly or monthly direct debit payments towards their Self Assessment tax bill.

In cases where tax has been overpaid, refunds can be claimed as soon as the return has been processed. Customers will be able to check if they are due a refund in the HMRC app. It also means people can take their time to complete their return, ensuring all the information submitted is accurate. This will result in fewer mistakes and potential penalties.

HMRC has updated guidance on filing tax returns early and help around paying tax bills on GOV.UK.

People may need to complete a tax return for the 2024 to 2025 tax year and pay any tax owed if they:

• are newly self-employed with a total income over £1,000
• are self-employed and earn below £1,000 and wish to have Class 2 National Insurance contributions treated as paid
• have received any untaxed income over £2,500
• are renting out one or more properties
• claim Child Benefit and they or their partner have an income above £60,000
• are a partner in a business partnership
• have taxable income earned from savings and investments more than the £10,000 have dividend income of more than £10,000
• have Capital Gains Tax to pay on assets that were sold for a profit above the Capital Gains threshold

A full list of who needs to complete a tax return is available on GOV.UK.

Criminals use emails, phone calls and texts to try to steal information and money from taxpayers. Before sharing their personal or financial details, people should search ‘HMRC phishing and scams’ on GOV.UK to check the sender or caller is genuine.

Customers should never share their HMRC sign-in details. Someone could use them to steal from them or claim benefits or a refund in their name.

The press release issued by HM Treasury on 29 April 2025.

Changes support innovation while cracking down on fraudsters.

Firms offering services for cryptoassets like Bitcoin and Ethereum will be subject to new, clear rules, boosting investor confidence and driving growth through the Plan for Change.

At a major summit in London to mark UK Fintech Week, the Chancellor revealed that the UK has published draft legislation for regulating cryptoassets – better protecting millions of people across Britain.

Around 12% of UK adults now own or have owned crypto, up from just 4% in 2021. But too often, consumers have been left exposed to risky firms and scams.

Under the new rules, crypto exchanges, dealers and agents will be brought into the regulatory perimeter — cracking down on bad actors while supporting legitimate innovation.  Crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection, and operational resilience — just like firms in traditional finance.

The Chancellor also revealed that the UK and US will use the upcoming UK – U.S. Financial Regulatory Working Group to continue engagement to support the use and responsible growth of digital assets.

This follows discussions in Washington between the Chancellor and the US Treasury Secretary, Scott Bessent, where they also discussed opportunities to support businesses to innovate on both sides of the Atlantic. This includes looking at ideas for how we could allow for greater collaboration on digital securities between the UK and US, including the proposals put forward by SEC Commissioner Hester Peirce for a transatlantic sandbox for digital securities.

Rachel Reeves, Chancellor of the Exchequer, said:

Through our Plan for Change, we are making Britain the best place in the world to innovate — and the safest place for consumers. Robust rules around crypto will boost investor confidence, support the growth of Fintech and protect people across the UK.

Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability.

The Chancellor also announced that the government will publish the first-ever Financial Services Growth and Competitiveness Strategy on 15 July, alongside her Mansion House speech. This will support the financial services sector’s long term growth, with Fintech identified as a priority sector, and help it finance investment and growth across the UK.

The government will bring forward final cryptoasset legislation at the earliest opportunity, following engagement on the draft provisions with industry.

More information

• The UK’s Financial Conduct Authority (FCA) consumer research found that around 12% of UK adults owned crypto in 2024, up from 4% in 2021.
• The 2023 Treasury consultation proposed bringing a wide range of cryptoasset activities — including exchanges and custody services — within the UK’s financial services regulatory perimeter.
• The government remains committed to making the UK a global hub for digital asset technologies, aligned with the Plan for Change to drive growth, innovation and security.

The press release issued by HM Treasury on 29 April 2025.

The Chancellor of the Exchequer Rachel Reeves has today confirmed that Julia Black, Anita Kimber, John Ball and Stéphane Malrait have been appointed as Non–Executive Directors to the Board of the Financial Conduct Authority (FCA). The Chancellor also confirms a one-year extension of Richard Lloyd’s second term as a Non-Executive Director on the FCA Board.

Julia Black and Anita Kimber will commence their terms on 12 May 2025, John Ball on 27 May 2025, whilst Stéphane Malrait will join later in the year on 20 October 2025. They will each serve an initial three-year term. Richard Lloyd’s second term has been extended and will now conclude on 31 March 2026.

Julia Black is a former External Member of the Prudential Regulation Committee. Julia is a highly accomplished academic in the field of law and financial regulation and has advised policy makers, consumer bodies, and regulators on issues of regulatory strategy and design in the UK and internationally.

Anita Kimber is a former Partner at EY who has also led large practices at PwC and IBM. Anita is experienced in leading transformation programmes across technology, data and analytics combined with customer insight and user experience focused teams. Anita’s experience is closely aligned with regulatory compliance for banks and other financial services institutions, including a secondment and a permanent appointment at Nationwide Building Society.

John Ball is a former Global MD, Pensions Practice for Willis Towers Watson where he enjoyed a near 40 year career. He has extensive change management experience and broader board experience across several WTW subsidiary boards and committees. The FCA Board will benefit from John’s deep pensions expertise.

Stéphane Malrait is a former Managing Director and Global Head of market structure and innovation for Financial Markets at ING Bank. Stéphane has operated in large, complex organisations internationally, including in the US, France, and the UK. He will bring experience of governance across different entities including non-executive board experience with industry associations and fintech companies.

Richard Lloyd is a distinguished member of the Financial Conduct Authority (FCA) Board, bringing a wealth of experience from his extensive career in consumer rights and public policy. He previously held significant roles, including serving as the Executive Director of Which?, where he championed consumer interests and advocated for fairer markets. Notably, Richard served effectively as the interim Chair of the FCA Board from June 2022 until February 2023, demonstrating strong leadership and a steadfast commitment to the organisation’s objectives.

Chancellor of the Exchequer, Rachel Reeves, said:

The FCA have been crucial in supporting the government’s efforts to reform regulation in order to better support growth and I am pleased to announce the appointments of Julia Black, Anita Kimber, John Ball and Stéphane Malrait to the FCA Board and the extension of Richard Lloyd for an additional year.

All five individuals bring extensive financial services experience to the Board and will help the FCA go further and faster to deliver on this government’s Plan for Change.

Chair of the FCA Board Ashely Alder, said:

I’m delighted to welcome Julia, Anita, John and Stéphane to the FCA board. Together, they bring a wealth of experience and insight across the financial services sector. I look forward to working with them as we deliver our ambitious new 5-year strategy.

I’d also like to congratulate Richard Lloyd on the extension of his second term, which ensures we continue to benefit from his invaluable counsel in the months ahead.

About the Financial Conduct Authority

The Financial Conduct Authority (FCA) is the conduct regulator for the UK’s financial services firms and markets. It is responsible for the conduct of around 42,000 businesses and sets the specific prudential standards for roughly 17,000 firms.

It has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers. Its secondary objective is to facilitate the international competitiveness of the UK economy, and its growth in the medium to long-term.

About the appointment process

Julia Black, Anita Kimber, John Ball and Stéphane Malrait have been appointed by the Chancellor following a fair and open recruitment process run by HM Treasury. All appointments are subject to vetting and security clearances currently in progress.

The Treasury is committed to appointing a diverse range of people to public appointments, including at the Financial Conduct Authority. The Treasury continues to take active steps to attract the broadest range of suitable applicants for posts.

Appointments to the FCA Board are regulated by the Office of the Commissioner for Public Appointments. Julia Black, Anita Kimber, John Ball and Stéphane Malrait have not engaged in any political activity in the last five years.

The press release issued by HM Treasury on 28 April 2025.

Protections will support small businesses to grow, putting more money into people’s pockets through the Plan for Change.

Millions of people and small business owners will be better protected against their bank account being closed, as the government goes further and faster to drive growth and delivers security for working people through the Plan for Change.

Banks and other payment service providers will be required to give customers at least 90 days’ notice before closing their account or terminating a payment service – an increase from the two months currently required – under new rules expected to come into force for relevant new contracts from April 2026.

Banks will also need to provide a clear explanation to customers in writing, so people can challenge decisions, such as through the Financial Ombudsman Service.

The new rules will give customers more time to challenge decisions they disagree with and find a new bank if their account is closed. This will support small businesses which have complained about their account being closed without reason at short notice – leaving them no time to complain or find a replacement bank.

Economic Secretary to the Treasury, Emma Reynolds, said:

Delivering economic security for working people is at the heart of our Plan for Change and strengthening protections against debanking will protect people’s and businesses’ access to banking services.

Under the new rules, customers will receive more notice of account closures, be entitled to an explanation as to why their account has been closed and have more opportunity to challenge such decisions.

The nine largest personal current account providers in the UK are already legally required to offer basic personal bank accounts to people who legally reside in the UK who do not have or are not eligible for an account. The new rules will help to ensure continued access to basic banking services for the most vulnerable.

The legislation will support existing protections, including those which prohibit a bank from discriminating against a UK consumer based on political opinions or beliefs when accessing a payment account.

By ensuring a more predictable access to banking and other payment services, the government is reinforcing its commitment to the millions of individuals and businesses across the UK who rely on these vital services.

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More information

The new legislation being brought forward subject to Parliamentary approval would apply to all payment service providers who decide to terminate payment service contracts without a definite expiry date, including bank account closures. They will apply to contracts agreed from and including 28th April 2026, when the legislation is expected to come into force.

The measures will be subject to certain exceptions, for example, to enable payment service providers to comply with their obligations under financial crime law.

The new rules will also apply to the termination of basic personal bank accounts from and including 28th April 2026.

 

The press release issued by HM Treasury on 23 April 2025.

British businesses will be supported to trade freely as the Chancellor chooses to act on practices that undercut fair trade, such as the dumping of cheap goods into the UK.

The government announced immediate action by the Trade Remedies Authority (TRA), the body responsible for defending the UK against certain unfair international trade practices.

The Chancellor also announced her intention to review the customs treatment of Low Value Imports, which allows goods valued at £135 or less to be imported without paying customs duty.

Some of Britain’s best-known retailers such as Next and Sainsburys, have called to amend the treatment, arguing that it disadvantages them by allowing international companies to undercut them.

Speaking in Washington D.C. at the annual IMF Springs meetings, Reeves was clear that an open global economy is crucial for UK growth, the number one priority of the government’s Plan for Change.

She said that free and open trade is good for the UK, but fairness needs to be injected into the global economic system.

Gains from global economic growth have not been equally shared both at home and abroad, and more needs to be done to tackle the rise in non-market practices that harm working people’s incomes.

Chancellor of the Exchequer, Rachel Reeves, said:

The world has changed, and we are in a new era of global trade.

We must stand up for free and open trade – crucial to deliver our Plan for Change to make everyone better off. We must help businesses keep their access to trade around the world.

This government is meeting the moment to protect fair and open trade. Following recent announcements reducing tariffs and support for the zero-emissions vehicles industry, today’s package will help businesses compete fairly with international exporters, supporting a world economy that provides stability and fairness for working people and businesses alike.

Today’s (23 April) support comes in addition to recent action taken by the government recently to support industry and businesses navigate tough global economic headwinds.

This includes action to protect British steelmaking, as the UK vows to take a strategic approach to the forthcoming industrial strategy so the economy that can make, sell, and buy more in Britain.

As part of the Spring Statement tariffs were suspended on 89 foreign products – ranging from pasta, fruit juices and spices to plastics and gardening supplies – over the next two years.

The Prime Minister announced earlier this month that the Zero Emission Vehicle Mandate is changing to make it easier for industry to upgrade to make electric vehicles while delivering the manifesto commitment to stop sales of new petrol and diesel cars by 2030.

Business and Trade Secretary Jonathan Reynolds said:

This government won’t stand idly by while cheap imports flood our markets and harm British industries. That is why I met with the TRA recently to agree urgent steps to tackle these issues in real time to deliver quicker protections for firms.

This is about standing up for our national interest, and as part of our Plan for Change, creating a level playing field where UK businesses can thrive and grow.

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More information

Low Value Imports

• Many of Britain’s most well-known domestic retailers have criticised the customs treatment of Low Value Imports.
• They argue that it gives preferential tariff treatment to firms who manufacture and warehouse their goods overseas and then ship directly to UK customers – paying no tariffs.
• Listening to the concerns the Chancellor will review this regime. Officials will engage stakeholders from next month to consider the impact on UK consumers, minimising administrative costs and other factors.
• For stakeholders looking to engage the government on the review of the customs treatment of low value imports, please contact lowvalueimports@hmtreasury.gov.uk.

Theo Paphitis, Retail Entrepreneur, said:

This is a much-needed injection of confidence for retailers and a common sense move to protect the UK economy. The sector has been crying out to level the unfair playing field and is a welcome, positive and strong step in the right direction by the Chancellor. This shows the government is listening and responding to UK business.

George Weston, Chief Executive of Associated British Foods, said:

We welcome the Chancellor’s plan to review the customs treatment of Low Value Imports. The abolition of the favourable tax treatment of low value imports would be a significant step forwards in the government’s support for British businesses. We have long advocated for the closure of this tax loophole which undermines many UK companies that make a substantial contribution to the British economy, to the British high street and to the British Government’s own revenues.

Alex Baldock, CEO of Currys PLC said:

Today’s government announcement is encouraging. All retailers selling to UK consumers should play by the same rules. If you want to sell to UK consumers, then abide by UK standards, and pay UK tax, just as UK retailers do.    Today, low-value shipments delivered from abroad straight to UK consumers avoid import duty, often evade VAT, and can fail to meet safety standards. There’s a growing risk of unsafe and tax-dodging product being dumped in the UK, as tariffs bite and the US and EU close their own import duty loopholes. I’m pleased that the government is urgently reviewing the low-value shipment loophole, and that they’re committed to levelling the playing field between British and overseas retailers.

Improved Global Trade Data

• Dumping of cheap goods into the UK is where foreign exports are sold into the UK at lower than market rates, harming UK producers as a result.

The government announced immediate steps the Trade Remedies Authority (TRA) – which defends the UK against certain unfair international trade practices – will take to mitigate risks to the UK economy:

• The TRA will be surging resources into its pre-application office by pulling in the best and the brightest analysts, lawyers and accountants from across the Civil Service to support British businesses. The pre-application office advises and supports businesses with the evidence the TRA needs to launch cases. Staff will shift more focus to work with businesses on the ground, especially small and medium companies, to help them report and evidence unfair trade practices where they see them happening.
• The TRA will act to enhance it’s monitoring of emerging trade risks; including new surveillance and data gathering measures. This will help the government spot and tackle the potential dumping of cheap goods into the UK.
• The TRA are going to work to reduce the time it takes them to carry out investigations and implement measures – to deter harmful imports and help bring action quicker to British businesses.

The press release issued by HM Treasury on 23 April 2025.

The Chancellor has pledged to “stand up for Britain’s national interest”, as she heads to Washington DC for her first spring meetings of the International Monetary Fund (IMF).

During a three-day visit to the United States, Rachel Reeves is set to hold meetings with G7, G20 and IMF counterparts about the changing global economy. She will make the case for open trade that provides stability for businesses and security for working people. The Chancellor will underline the importance of tackling barriers to trade to kickstart economic growth, supporting businesses and putting more money in working people’s pockets.

Earlier this month the Chancellor announced over £400 million of trade and investment deals with the Indian Government across a range of business sectors, including defence, financial services, education, and development. In recent weeks the government has acted to save British Steel, safeguarding the future of steelmaking in the UK and protecting 2,700 jobs in Scunthorpe and up to 37,000 jobs in the wider supply chain, announced a £20 billion boost to UK Export Finance which will give thousands of British access to government-backed financing and announced new measures to give British car makers certainty and stability, and to support them on the transition to electric vehicles. Earlier this month over 3 million workers in shops, restaurants and workplaces across the UK received a pay boost worth £1,400 a year for an eligible full-time worker, while also rolling out free breakfast clubs in primary schools putting £450 a year in the pockets of working parents and protecting the payslips of working people from higher taxes.

She will hold discussions with finance ministers about the opportunities to strengthen economic ties with Britain, including members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Talks with European finance ministers will also focus on going further and faster to increase defence spending and improve cooperation in response to continued Russian aggression and the invasion of Ukraine.

Reeves will hold her first in person meeting with her US counterpart Treasury Secretary Scott Bessent about working together to deepen the UK-US economic partnership through a new trade agreement.

In Washington, the Chancellor will also meet with business leaders to talk about the government’s Plan for Change to kickstart economic growth. She will champion Britain as the best place to live, work and grow a business, highlighting the government’s ambition to go further and faster to tackle the barriers to investment. By backing the builders not the blockers, through reforms to the National Planning Policy Framework – which alone is expected to deliver an extra 170,000 homes by 2029/30, as well upcoming the Planning and Infrastructure Bill and a government pledge to cut the administrative cost of regulation on business by a quarter, making Britain the best place to do business and drive economic growth.

Speaking ahead of her visit, Chancellor of the Exchequer Rachel Reeves said:

The world has changed, and we are in a new era of global trade. I am in no doubt that the imposition of tariffs will have a profound impact on the global economy and the economy at home.

This changing world is unsettling for families who are worried about the cost of living and businesses concerned about what tariffs will means for them. But our task as a government is not to be knocked off course or to take rash action which risks undermining people’s security.

Instead, we must rise to meet the moment and I will always act to defend British interests as part of our Plan for Change. We need a world economy that provides stability and fairness for businesses wanting to invest and trade, more trade and global partnerships between nations with shared interests, and security for working people who want to get on with their lives.

The press release issued by HM Treasury on 16 April 2025.

New CEO brings wealth of infrastructure leadership experience to new body supporting the implementation of the government’s 10-year infrastructure strategy.

The National Infrastructure and Service Transformation Authority (NISTA) has today announced the appointment of Becky Wood as its new Chief Executive Officer.

Last October, Chief Secretary to the Treasury Darren Jones announced plans to create a new National Infrastructure and Service Transformation Authority (NISTA), bringing together the former Infrastructure and Projects Authority (IPA) and National Infrastructure Commission (NIC).

Formally launched at the beginning of this month, NISTA will look to fix the foundations of our infrastructure system by bringing strategy and delivery under one roof, addressing the systemic delivery challenges that have stunted growth for decades.

Supporting delivery of our roads, railways, schools and hospitals, it will help overcome the barriers to delivery of UK infrastructure, as well as provide expertise on private finance and implementing the 10-year infrastructure strategy.

With extensive experience in infrastructure leadership, particularly in the UK transport and international sectors, Becky will bring significant expertise, skills and knowledge to the role.

Darren Jones, Chief Secretary to the Treasury said:

I am delighted that Becky is going to lead NISTA as the new CEO, she brings a wealth of experience from the public and private sector overseeing some of the biggest transport projects around the world in the past decade. Her appointment is an important milestone for NISTA’s work in getting a grip on infrastructure delivery, powering growth across the country and delivering on our Plan for Change.

Sir John Armitt, Chair of the NISTA Council of Expert Advisors said:

I am pleased to welcome Becky on board to lead NISTA. We are at a critical moment for transforming how we plan and deliver the nation’s infrastructure, and Becky’s leadership will be vital for building an effective and credible institution that can do just that. I look forward to working closely with her in the coming months.

Becky Wood, NISTA Chief Executive Officer said:

It is an honour to be appointed to a role that has so much potential to make a vital difference to the everyday lives of people across the UK, ensuring robust delivery of infrastructure and enabling growth.  I am very much looking forward to joining the team in June.

Becky will formally take up her role as CEO in June 2025.

Notes to editors:

• The National Infrastructure and Service Transformation Authority, formally launched on 1 April 2025, brings together the functions of the Infrastructure and Projects Authority and National Infrastructure Commission, under HM Treasury NISTA is part of a three-pronged approach to addressing the fundamental constraints to infrastructure investment, sitting alongside the 10-year infrastructure strategy, which sets out a long-term plan for the country’s infrastructure, and the new Planning and Infrastructure Bill to unblock planning constraints.
• She is currently a partner at the consultancy firm EY, and prior to that was a Commercial Advisor at the Infrastructure and Projects Authority. For ten-years Becky oversaw major infrastructure developments at the Department for Transport, serving as the Senior Responsible Officer for the Crossrail, Thameslink and Intercity Express programmes. She also has valuable international experience, having worked on significant infrastructure programmes across both public and private sectors in Australia and New Zealand.
• Last week, we also announced that the Chief Secretary to the Treasury Darren Jones had set up a new Council of Expert Advisors to support the work of the National Infrastructure and Service Transformation Authority (NISTA).
• For further information, please visit NISTA on gov.uk.

The press release issued by HM Treasury on 14 April 2025.

The UK makes second £752 million payment to Ukraine through the Extraordinary Revenue Acceleration Loans for Ukraine scheme.

A £752 million payment has today (14 April) been sent to Ukraine through the Extraordinary Revenue Acceleration Loans for Ukraine scheme. The funding will support Ukraine to procure vital military equipment, including urgently needed air defence. This comes as Russia continues its air assault on Ukraine, striking the city of Sumy.

The loan, which will be paid for through the profits of sanctioned Russian sovereign assets in the EU, forms part of a wider £2.26 billion loan agreed between the Chancellor and Minister Marchenko on 1 March.

The payment highlights the UK’s steadfast support to Ukraine whilst building on the Chancellor’s Spring Statement pledge to go further and faster to protect our national security and maximise the economic growth potential of the UK defence sector. The equipment support and maintenance elements will be mainly spent in the UK, boosting the UK economy and skilled jobs.

Rachel Reeves, Chancellor of the Exchequer said:

The world is changing before our eyes, reshaped by global instability, including Russian aggression in Ukraine.

A strong Ukraine is vital to UK national security and this second tranche of funding will help put them in the strongest possible position, and contribute towards our collective security.

Defence Secretary, John Healey MP said:

2025 is the critical year for Ukraine and this is the critical moment. This is the moment for our defence industries to step up, and they are; a moment for our militaries to step up, and they are; a moment for our Governments to step up, and we are.

This new tranche of funds is part of our £4.5 billion of military support this year – more than ever before – and will be used to buy urgently needed air defence, artillery, and parts to help repair vehicles and equipment to get them back into the fight.

We are stepping up support for Ukraine to deter Russian aggression and bolster Britain’s national security as the foundation of our Plan for Change.

Today’s payment forms the second part of the UK’s £2.26 billion loan, which has been spaced into three separate tranches to give Ukraine more flexibility and allow them to swiftly adapt to the ever-changing battlefield. The first payment was made on 6 March, with the final payment to follow in 2026.

The multi-billion payment forms part of the UK’s contribution to the Extraordinary Revenue Acceleration Loans for Ukraine scheme, which is a G7 commitment to collectively support Ukraine through a total of $50 billion.

It follows a £450 million surge in military support that was announced by the UK last week, which includes £350 million from this year’s record £4.5 billion military support funding for Ukraine. Further funding is being provided by Norway, via the UK-led International Fund for Ukraine.

In addition to providing financial support, the Ministry of Defence will also support Ukraine to procure the equipment needed to fight Russia’s invasion. This will include a new ‘close fight’ military aid package – with funding for radar systems, anti-tank mines and hundreds of thousands of drones – worth more than £250 million, using funding from the UK and Norway.

The government’s Plan for Change will see UK defence spending increased to 2.5% of GDP by 2027. The UK’s world-leading defence sector is vital to the economy, supporting 430,000 high-skilled, high-paid jobs across the UK and strengthening our security. 68% of defence spending is outside of London and the South East, benefitting every nation and region of the UK.