Written questions by Dhesi.

What recent assessment her Department has made of the Financial Conduct Authority's regulatory performance in cases related to peer-to-peer style investments.

Awaiting answer.

What recent assessment her Department has made of the adequacy of regulatory protections for victims of fraud, particularly in cases involving (a) card and (b) authorised push payments.

Awaiting answer.

What the average staffing complement is for a ministerial private office within their Department; what grades those staff are appointed at; what the typical remuneration and contracted working hours are for those posts; and what the staff turnover rate is.

HMT ministerial private offices hire an average 6.5 FTE per office. Staff are appointed at grades: AO, EO, HEO, SEO, G7, G6 and Deputy Director. Contracted working hours for these staff members are 37 hours per week. Staff salaries for the appointed grades are typically between £26,200 - £117,800. Designated posts may also benefit from Private Office Allowance. The average staff turnover over the last 3 years was between 20-30%, which can include staff on loans to HMT returning to their home departments, or individuals leaving to other government departments, including on promotion.

With reference to paragraph 88 of the policy paper entitled UK Government Resilience Action Plan, published on 14 July 2025, how many meetings have been attended by civil servants within their Department in relation to the Home Defence Programme; which directorate in the Department owns the Departmental contribution to the Home Defence Programme; and what the job title is of the civil servant leading and cohering the Departmental contribution to the Home Defence Programme.

HM Treasury officials regularly attend meetings to discuss the implementation of the Resilience Action Plan as well as matters of national security and defence.

What recent assessment she has made of the adequacy of HMRC support available for (a) sole traders and (b) landlords to help ensure they can meet the Making Tax Digital deadline.

Making Tax Digital will help businesses and landlords keep on top of their tax affairs. It places small businesses on a more digital footing, with digital tools helping to reduce errors and make annual tax returns easier. The government is undertaking a range of activities to ensure those needing to use MTD for Income Tax from April 2026 are ready and able to do so successfully. This includes targeted media campaigns, awareness letters, developing guidance, and working with the software industry to ensure a broad range of MTD-compatible products is available, to suit different needs and budgets. Free options will support those with the simplest affairs. Supporting its introduction is a dedicated team of fully-trained MTD advisors. From April 2026, new options will be available on HMRC’s Self-Assessment and Agent helplines tailored to the needs of MTD users. Further support will continue to be offered through webinars, industry engagement and marketing activities targeted to reach those affected by the changes. HMRC’s latest published assessment of the potential impact of MTD for Income Tax across different taxpayer groups is available at: Extension of Making Tax Digital for Income Tax Self Assessment to sole traders and landlords - GOV.UK

What steps she is taking to ensure that reforms to Stocks and Shares ISAs do not disadvantage investors who make regular cash contributions and invest those funds gradually over time, including through pound‑cost averaging strategies.

ISA reform forms part of our strategy to support people into the higher returns that investing can provide. Rules will be introduced to avoid circumvention of the lower limit for cash ISAs where an individual is under the age of 65. The industry is being consulted on the draft rules, which will be made by amendments to the ISA Regulations and laid in Parliament ahead of April 2027. We will consult on the final rules as soon as these are ready, so that firms have enough notice before the new limit applies in April 2027.

With reference to page 92 of the Strategic Defence Review, how many meetings officials from their Department have attended on the national conversation on defence and security; which directorate in their Department is responsible for the departmental contribution to that national conversation; and what the job title is of the official responsible.

Officials from HM Treasury work closely with other departments across Government – including the Ministry of Defence – to support the delivery of the vision outlined in the Strategic Defence Review.

With reference to paragraph 88 of the UK Government Resilience Action Plan, how many meetings Ministers in their Department have attended related to the Home Defence Programme.

The Chancellor of the Exchequer has regular discussions with officials, external experts and ministerial colleagues on a range of issues, including national security, defence and resilience. This includes attending and speaking at public and sector events.

With reference to page 92 of the Strategic Defence Review, published on 2 June 2025, how many (a) public engagements and (b) private meetings Ministers in their Department have undertaken related to the national conversation on defence and security.

Ministers in HM Treasury have regular discussions with officials, external experts and ministerial colleagues on a range of issues, including national security, defence and resilience. This includes attending and speaking at public and sector events.

What recent steps she has taken to ensure local councils adhere to creditors' responsibilities when debtors are under a Debt Respite (Breathing Space) period.

The Breathing Space Scheme was launched in May 2021 to give those in problem debt the space to engage with professional debt advice by providing a temporary relief from creditor enforcement action. The scheme guidance for creditors sets out their responsibilities when a debtor enters a breathing space and makes clear that, upon being notified, creditors must stop all enforcement action, pause contact with the debtor, and freeze most interest and charges for the duration of the breathing space. Where a creditor does not comply with the terms of the breathing space, any enforcement action they take is not valid and they may be liable for the debtor’s costs. The debt adviser will also notify the Insolvency Service which administers the scheme, so that the creditor can be reminded of their obligations. Debtors are also able to go through their creditor’s formal complaints procedure and, if relevant, escalate to the appropriate ombudsman or oversight body. Councils are responsible for the collection of a broad range of debts and are required to recover all debts in accordance with the law.

What information she holds on the value of US bonds held by the Bank of England.

The UK’s foreign currency assets are held by:a) HM Treasury in the Exchange Equalisation Account (EEA). HM Treasury appoints the Bank of England as its agent to manage the EEA on a day-to-day basis.b) The Bank of England. Data on the UK’s holdings of foreign currency assets, split by currency, is published quarterly (with a one month lag) by the Bank of England. The latest is available here: https://www.bankofengland.co.uk/statistics/uk-international-reserves/2025/december-2025 As of 30th September 2025, the EEA holds $60,083 million of US dollar-denominated assets. The Bank of England holds $15,183 million of US dollar-denominated assets.

Whether she has any plans to restrict UK insurance companies providing cover to vessels which ship Russian oil.

The UK already restricts UK firms from insuring Russian oil. The UK implements the G7+ Oil Price Cap (OPC) which prohibits G7+ companies from shipping, insuring or otherwise servicing Russian oil sold above a set price to put downward pressure on Russian revenues. The UK lowered the OPC for Russian seaborne crude in July: https://www.gov.uk/government/news/uk-tightens-oil-price-cap-in-blow-to-putins-war-machine Additionally, the UK has sanctioned 520 vessels so far for carrying Russian oil. These sanctions include the prohibition of insurance provision to these vessels. The UK and our partners continue to consider strengthening sanctions on Russian energy exports, should Russia refuse to engage meaningfully in peace negotiations, building on the existing OPC and sanctions on all Russian oil majors.

Whether her Department is taking steps to support self-employed people who require support to file their tax returns due to economic or health difficulties; and whether she has made a recent assessment of the potential merits of reforming the penalty system, in particular for those who do not owe any tax.

The government has reformed penalties and at Budget 2025 confirmed the introduction of a new penalty regime for late filing of SA returns and late payment of income tax that will now apply to all SA customers from April 2027. This reform of late filing penalties will reduce the penalties a customer can accumulate for filing late and will introduce a further safeguard so people will not receive a financial penalty for a single failure to file on time. HMRC also has dedicated support in place for those facing personal difficulties and encourages anyone struggling to meet their obligations to make contact as soon as possible by phone or online.This includes:HMRC’s Extra Support Team provides support to customers with their tax affairs if they have a health condition or their personal circumstances make it difficult for them to contact HMRC.Where customers are struggling to pay their tax on time, they may be able to set up a payment plan online or a Budget Payment Plan instead The tax system contains obligations, set out in law, to ensure that HMRC can collect the correct tax to fund vital public services. HMRC is bound by law to apply penalties where customers do not meet these obligations. Penalties also help to reassure customers who comply with their obligations that HMRC are applying the rules fairly and consistently. Under Self Assessment (SA), HMRC requires information from customers in their tax returns to determine whether they have any liability to income tax. Even where a customer has no tax to pay, the information provided within their SA return ensures that taxpayers receive the benefits to which they are entitled, such as Tax-Free Childcare. Where HMRC charges a penalty, a customer can formally appeal. HMRC will cancel any penalties where they accept that a taxpayer had a reasonable excuse for not filing their return on time.

Who is the Chief Risk Officer for national security risks relating to the work of their Department.

HM Treasury is the Lead Government Department for Disruption to Financial Services, and the Principal Accounting Officer is primarily accountable to government for discharging that role. The PAO is also responsible for HMT’s contribution to the management of other national security risks where other departments are the lead government department.

What steps she is taking to ensure the mandatory reimbursement scheme for Authorised Push Payment (APP) fraud adequately protects consumers at risk of being scammed.

The Government takes the issue of fraud very seriously and is dedicated to protecting the public from this appalling crime. To protect consumers, under the Financial Services and Markets Act 2023, the Payment Systems Regulator (PSR) has introduced a mandatory reimbursement regime for Authorised Push Payment (APP) scams taking place over the Faster Payment system. This came into force on 7 October 2024. The details of the APP reimbursement regime are a matter for the independent PSR. The PSR monitors compliance with the reimbursement regime closely and has powers to take action where firms fall short of their obligations.

When she plans to introduce a universal stop notice for tax avoidance schemes.

The Government recognises the damage caused to the tax system by those that promote tax avoidance schemes. It takes action to prevent that damage, for example by publishing details of schemes and promoters to help customers to steer clear of or otherwise exit such schemes. The Government is determined to do more to close in on promoters of marketed tax avoidance and recently consulted on a package of measures to strengthen existing powers. This included a proposal to introduce a Universal Stop Notice. It will respond to this consultation in due course.

Whether she has assessed the potential merits of making (a) directors and (b) owners of (i) dissolved and (ii) all other companies personally liable for the underpayment of taxes arising from the adaptation of tax (A) avoidance and (B) evasion schemes that those companies have (1) promoted and (2) made earnings from.

The Government is committed to closing the tax gap and cracking down on avoidance and evasion. The Government is determined to do more to close in on promoters of marketed tax avoidance and recently consulted on a package of measures to strengthen HMRC’s powers to tackle them. HMRC also carries out civil and criminal investigations into suspected tax evasion, including where there is suspicion of third parties being involved in fraud or evasions. All investigations are assessed to determine which action would be most appropriate. It is a fundamental principle of the tax system that taxpayers are responsible for their own tax affairs. However, HMRC does levy penalties on promoters of tax avoidance and uses the Joint and Several Liability legislation to seek to recover penalty liabilities from appropriate individuals: including directors; shadow directors; or participators when the company becomes insolvent.

Whether she plans to update the HMRC mileage rate to reflect changes to (a) fuel costs, (b) vehicle asset depreciation and (c) vehicle running costs since 2011.

The Approved Mileage Allowance Payment rates are used by employers to reimburse an employee's expenses, tax free, for business mileage in their private vehicle. These rates are also used by self-employed drivers to claim tax relief on business mileage (when using simplified motoring expenses), and can be used by organisations to reimburse volunteers who use their own vehicle for voluntary purposes. Employees can claim up to 45p/mile for the first 10,000 miles annually, followed by up to 25p/mile thereafter. An additional 5p/mile can be claimed for each passenger transported. The AMAP rates are not mandatory, and employers can choose to pay more or less than the AMAP rate. It is therefore ultimately up to employers to determine the rate at which they reimburse their employees. The government keeps all taxes under review and the Chancellor makes decisions on tax policy at fiscal events.

How many officials were investigated under their Department's disciplinary processes in each of the last 5 years.

HM Treasury does not hold data on the number of investigations it has conducted. Its disciplinary data collection is limited to the number of formal disciplinary cases that have taken place and number of sanctions issued

What recent steps she has taken to help tackle illicit financial activities committed by sanctioned individuals.

The UK’s financial sanctions regime places stringent restrictions on the financial activities of individuals who have been designated under sanctions. The Office of Financial Sanctions Implementation (OFSI), alongside law enforcement partners, takes a proactive approach to investigating suspected breaches of these sanctions. Where there are indications of other forms of criminality, OFSI shares information with relevant authorities to enable further investigation and enforcement. OFSI regularly publishes details of all its activities in an Annual Review for each financial year, information for 24-25 will be available soon.