Tag: Treasury

The press release issued by the Treasury on 10 October 2022.

The Cabinet Secretary, with the approval of the Prime Minister and in agreement with the Chancellor of the Exchequer, has appointed James Bowler as the new Permanent Secretary to the Treasury.

James is currently Permanent Secretary for the Department for International Trade and was previously Permanent Secretary in the Cabinet Office. James brings to the role a wealth of knowledge and experience of HM Treasury from over 20 years in the department, combined with experience working with business and representing Britain internationally from his time at DIT.

James will have overall responsibility for managing the department, will supervise Treasury policy development, and will be the principal adviser to the Chancellor and his Ministerial team.

The Cabinet Secretary and the Permanent Secretary have announced Cat Little and Beth Russell as Second Permanent Secretaries. Cat has worked as the Director General of Public Spending since March 2020 and previously worked at the Ministry of Justice, the Ministry of Defence and spent over a decade in the private sector. Beth has worked for the Treasury for more than 20 years, most recently as the Director General of Tax and Welfare; she also currently heads up the Darlington Economic Campus.

These appointments have been made by the Cabinet Secretary, with the approval of the Prime Minister and in agreement with the Chancellor of the Exchequer, The Rt. Hon. Kwasi Kwarteng MP.

Chancellor Kwasi Kwarteng said:

I’m delighted to welcome James back to the Treasury and Beth and Cat into their new roles as Second Permanent Secretaries. James joined the Civil Service over 20 years ago and has enormous experience delivering across a range of Government departments. Beth and Cat bring experience and continuity and it’s fantastic to have them as part of the Treasury’s top team.

James has a proven track record of delivery and strong leadership, both of which will be vital as we drive towards our mission of igniting growth and raising living standards for everyone across the UK.

Cabinet Secretary Simon Case, said:

James is one of our most expert and experienced economic policy makers, who has served many chancellors over the last two decades. I am delighted for James and congratulate him on his appointment.

I would like to thank Cat and Beth for their excellent leadership of the Treasury over recent weeks and congratulate them both on their substantive promotion to Second Permanent Secretaries. HMT is at the heart of the government’s plan for growth and I know James, supported by Cat and Beth, will bring dedicated leadership to deliver on this agenda for the government and the country.

James Bowler said:

I am delighted to be returning to HM Treasury. Having spent over 20 years at the Department, I know first-hand the excellence of its people. I plan to bring my wider experience back to the Department to help navigate the opportunities and challenges of the global economy that lie ahead. I look forward to working with the Chancellor as part of a strong team alongside the proven experience and talent of Beth Russell and Cat Little.

Beth Russell and Cat Little said:

Working for the Treasury and delivering for the public are privileges – we’re both honoured to be chosen and we look forward to working with the Chancellor, James and the whole ministerial and official team as we continue to deliver for the country.

Notes to Editors

James Bowler

James has over 20 years experience in the Treasury, including as head of tax and then spending policy. He has led multiple Spending Reviews and Budgets at Treasury and was also Principal Private Secretary in Number 10. He has worked in senior roles in Cabinet Office and the Ministry of Justice. James has also helped lead international trade deal negotiations including with India, Trans-Pacific and Australia. James has been a Permanent Secretary since September 2020, first in the Cabinet Office and then in his current role at DIT.

Cat Little

Cat spent over a decade in the private sector dedicated to government and public sector finance at professional services firm PwC. Since joining government in 2013, Cat has led finance, digital and commercial teams in MoJ and most recently as Director General Finance at the MoD. Cat has been Director General of Public Spending since March 2020 and led the comprehensive spending review in 2021. Cat also is head of the Government Finance Function, leading over 10,000 finance professionals across Government, and will continue in this role alongside her new position as second permanent secretary.

Beth Russell

Beth has worked for over 20 years in the Treasury, most recently as Director General Tax and Welfare, Director Personal Tax Welfare and Pensions, and Principal Private Secretary to the Chancellor. Over the last year, Beth has been heading up the new Darlington Economic Campus (DEC) and will continue to be based in Darlington in this new role. DEC will eventually have 1100 new roles across 8 government departments.

The process to recruit the First Permanent Secretary to HM Treasury ran over three weeks. Given the seniority of the job, the process was only open to existing Permanent Secretaries. Candidates were interviewed by a panel including the First Civil Service Commissioner, the Lead NED for HM Treasury and the Cabinet Secretary. Candidates also met with the Chancellor as part of the process. As with all Permanent Secretary appointments, the Prime Minister’s approval was required.

The process to recruit the Second Permanent Secretaries at HM Treasury ran over four months, following Charles Roxburgh’s departure. The competition was open to external candidates. Candidates were interviewed by a panel including the First Civil Service Commissioner, the Lead NED for HM Treasury and the Cabinet Secretary. As with all Permanent Secretary appointments, the Prime Minister’s approval was required.

The press release issued by the Treasury on 5 October 2022.

Tens of thousands of teenagers in the UK who have not yet claimed their matured Child Trust Funds savings could have thousands of pounds waiting for them, reminds HM Revenue and Customs (HMRC).

Child Trust Funds are long-term savings accounts set up for every child born between 1 September 2002 and 2 January 2011. To encourage future saving and start the account, the government provided an initial deposit of at least £250.

The savings accounts mature when the child turns 18 years old. Eligible teenagers, who are aged 18 or over and have yet to access their Child Trust Fund account, could have savings waiting for them worth an average of £2,100.

If teenagers or their parents and guardians already know who their Child Trust Fund provider is, they can contact them directly. This might be a bank, building society or other savings provider.

Many eligible teenagers who have yet to claim their savings might be starting university, apprenticeships or their first job. The lump-sum amount could offer a financial boost at a time when they need it most.

Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said:

Teenagers could have a pot of money waiting for them worth thousands of pounds and not even realise it. We want to help you access your savings and the money you’re entitled to.

To find out more search ‘Child Trust Fund’ on GOV.UK.

An estimated 6.3 million Child Trust Fund accounts were set up throughout the duration of the scheme, containing about £9 billion. If a parent or guardian was not able to set up an account for their child, HMRC opened a savings account on the child’s behalf.

Teenagers aged 16 or over can take control of their own Child Trust Fund if they wish, although the funds can only be withdrawn once they turn 18 years old.

Where children have a Child Trust Fund, families can still pay in up to £9,000 a year tax-free. The account matures once the child turns 18 years old and no further money can be deposited. They can either withdraw the funds from the matured Child Trust Fund account or reinvest it into another savings account.

Until the child withdraws or transfers the money, it stays in an account that no-one else has access to.

The Child Trust Fund scheme closed in January 2011 and was replaced with Junior Individual Savings Accounts (ISA).

The press release issued by the Treasury on 4 October 2022.

UK Government Investments: Andrew Ballheimer, Kalpana Desair and Mahnaz Safa appointed to the Board of UK Government Investments as Non-Executive Directors.

UK Government Investments Ltd (UKGI), the government’s centre of excellence in corporate governance and corporate finance, announces the appointments of Andrew Ballheimer, Kalpana Desai and Mahnaz Safa to the UKGI Board, for three-year terms until 21 September 2025.

Andrew Ballheimer

From 2016 until the end of his term in April 2020, Andrew Ballheimer was the Global Managing Partner of Allen & Overy LLP where he shaped and delivered strategy whilst driving forward the performance of the business, including on diversity and inclusion initiatives. Andrew has more than 35 years of legal experience advising multinational corporations and global financial institutions, including in other senior leadership positions at Allen & Overy, as Global Co-Head of Corporate and UK Managing Partner of Corporate. Following his retirement from A&O (at the end of 2020), Andrew joined the board of Factor Law Inc. and the M&A Global Advisory Board at AON PLC. He has been a trustee of Moorfields Eye Charity since 2011, as well as a member of the U.K. Trade and Business Commission, and he is also a Senior Advisor at Teneo Strategy Limited.

Kalpana Desai

Kalpana Desai is currently a Non-Executive Director of Janus Henderson plc, in addition to being a Founding Trustee of the Future is Bright Charitable Trust. Previously, Kalpana was a member of the Takeovers and Mergers Panel of the Securities and Futures Commission in Hong Kong from 2007 to 2014, and was a Non-Executive Director at Canaccord Genuity Group Inc. from 2015-2019. Kalpana has over 30 years of international advisory and investment banking experience. Until 2013, she was Chief Executive of Macquarie Capital Asia, the investment banking division of Macquarie Group Limited. Prior to this, she was Head of the Asia-Pacific Mergers & Acquisitions Group and a Managing Director from 2001 in the Investment Banking Division of Bank of America Merrill Lynch based in Hong Kong. Kalpana qualified as a Chartered Accountant with PricewaterhouseCoopers in London in 1991, and graduated with a BSc Economics from the London School of Economics.

Mahnaz Safa

Mahnaz Safa has extensive commercial and regulatory experience from across the private and public sectors. With 30 years in finance, Mahnaz has advised boards on restructuring, capital raising, financing, strategy, board succession and crisis management; in sectors including retail, energy, infrastructure, technology and asset management. Mahnaz has been a senior executive at UBS, Citi and ANZ. As an executive Mahnaz has led and transformed large scale complex financial businesses and whilst at UBS and Citi, she co-chaired their respective women’s leadership executive committees. Mahnaz currently serves on the board of Jefferies International Limited as a Non-Executive Director and is member of the Council at Imperial College where she is the Champion for Equality, Diversity and Inclusion. She has previously served as a senior independent director on the board of Alternative Credit Investments FTSE 250. Mahnaz holds a PhD in computer aided technology from Imperial College.

Financial Secretary to the Treasury, Andrew Griffith said:

I am delighted to welcome Andrew Ballheimer, Kalpana Desai and Mahnaz Safa as new non-executive directors of UK Government Investments.

Their extensive background and experience will be an invaluable asset to the UKGI board as it supports the government in delivering more growth, jobs, and investment across the UK.

I look forward to working with them and the rest of the UKGI board in the months ahead.

Vindi Banga, UKGI Chairman, said

I am delighted that three such high-calibre appointees will be joining the UKGI Board. Each have a variety of skills and experience in different sectors which will prove invaluable for the Board in ensuring UKGI delivers against its strategy and its objectives.

I very much look forward to working closely with each of them over the coming years.

These appointments are regulated by the Commissioner for Public appointments (OCPA) and are made in accordance with the Governance Code on Public Appointments published by the Cabinet Office. These appointments are made on merit and political activity played no part in the decision process. In accordance with the code, there is a requirement for appointees’ political activity (if any declared) to be made public. Andrew Ballheimer, Kalpana Desai and Mahnaz Safa did not declare any political activity.

The press release issued by the Treasury on 3 October 2022.

• The £324 Cost of Living Payment, which follows on from a £326 payment made from July, is part of £1,200 support package for millions this year
• The £150 Disability Cost of Living Payment was provided in September, with a £300 additional pensioner payment to come in the Winter

Millions of households across the UK will receive a £324 cost of living cash boost by the 23 of November.

The government has today announced that households receiving DWP benefits will receive the second part of the £650 Cost of Living Payment from 8 November and continuing through to the 23 November.

Over 8 million families have already received the first Cost of Living Payment, worth £326, which was sent out from 14 July this year.

The second payment will automatically be paid into the bank accounts of those eligible in England, Scotland, Wales and Northern Ireland who receive a qualifying benefit, meaning they will not need to do anything to receive the money.

Work and Pensions Secretary, Chloe Smith said:

Millions of families will soon see a £324 cash boost as part of our extensive £1,200 support package, helping to raise incomes and manage the rising cost of living.

We understand that people are struggling which is why and we’re committed to supporting the most vulnerable households. That’s also why we are focused on driving growth and delivering quality public services so we can continue to support those in need through these challenging times while boosting opportunity for all.

Chancellor of the Exchequer, Kwasi Kwarteng added:

We know that people have been worried about their bills ahead of this winter, which is why we’ve taken decisive action to hold down energy bills, saving the average household around £1,000 a year, and provided £1,200 of targeted support to the most vulnerable.

Without our intervention, analysts were predicting that the average annual energy bill could have reached £6,500 next year. We were never going to let this happen.

Our Growth Plan will also leave more money in people’s pockets and, over the longer term, help drive economic growth – the only way to permanently boost everyone’s living standards.

The DWP will pay a small number of payments on the 8 November, with numbers increasing significantly from the 9 November. Even if you are not on a qualifying DWP benefit you may still be eligible for the £324 payment as HMRC are also making payments to those who receive tax credits and no other eligible benefits. These will be paid shortly after DWP payments and customers do not need to contact the government or apply for the payment at any stage.

This payment comes on top of extensive government support with the cost of living this winter, including around 6 million disabled people having been paid a separate £150 Disability Cost of Living Payment, whilst over 8 million pensioner households will receive an extra one-off £300 Winter Fuel Payment this year. This is in addition to an extension to the Household Support Fund, which is providing an extra £421 million for use between October and March to help vulnerable people with the essentials.

As well as this, a £150 Council Tax rebate was sent earlier this year to those in Council Tax bands A to D in England, creating a total of at least £1,200 in direct support for millions. A £400 reduction on energy bills is also being given to all domestic electricity customers over the coming months, and a new ‘Energy Price Guarantee’, which means from 1 October the average UK household will save at least £1,000 a year based on current energy prices.

The press release issued by the Treasury on 30 September 2022.

• This morning the Prime Minister Liz Truss and Chancellor Kwasi Kwarteng met with the OBR’s Budget Responsibility Committee, including the Chair Richard Hughes, at No10 Downing Street.
• They discussed the process for the upcoming economic and fiscal forecast, which will be published on 23 November, and the economic and fiscal outlook.
• They agreed, as is usual, to work closely together throughout the forecast process and beyond.
• The Prime Minister and Chancellor reaffirmed their commitment to the independent OBR and made clear that they value its scrutiny.

The press release issued by the Treasury on 28 September 2022.

The press release issued by the Treasury on 26 September 2022.

The press release issued by HM Treasury on 26 September 2022.

The press release issued by the Treasury on 23 September 2022.

Together with the Bank of England, HMT is today providing further details of the £40 billion Energy Markets Financing Scheme, to address extraordinary liquidity requirements faced by energy firms from high and volatile energy prices.

The Energy Markets Financing Scheme will improve resilience in energy markets, and the economy. To deliver the scheme, there will be a 100% guarantee to commercial banks covering additional lending extended to firms. The scheme will open to applications on 17th October. The scheme will provide short term financial support and will be designed to be used as a last resort, with pricing and conditions reflecting this.

The scheme will ensure that energy firms can continue to operate and manage risk in a cost-effective way in the face of unprecedented volatility. This helps to reduce the eventual cost that businesses and consumers face.

The EMFS will only be available to firms who are able to meet eligibility requirements, for example that they are otherwise in sound financial health and make a material contribution to the liquidity of UK energy markets. Firms will need to undergo solvency checks.

HMT will convene an advisory committee as part of standing up a robust assessment process.

The press release issued by the Treasury on 23 September 2022.

The Chancellor announced on 23 September as part of the fiscal event that the Office of Tax Simplification will be closed.

The Chancellor’s statement is part of The Growth Plan 2022. As the Office of Tax Simplification is a statutory body, this closure will take effect when the next Finance Bill receives Royal Assent.

The Office expects to publish its report on the taxation of Property Income in October. The Office will continue to gather evidence on its Hybrid and distance working review.