Every parliamentary written question tabled by Wendy Morton this session, with the full answer and department. See how every department answers, or back to the MP page.
Showing 41–60 of 113 · Treasury
What assessment she has made of the potential merits of reducing public expenditure.
The government's fiscal strategy is putting the public finances on a sustainable path while prioritising investment to protect the NHS and support long-term growth. We are relentlessly cutting waste, improving efficiency to make sure every penny of taxpayers' money is spent wisely, and reforming public services to make sure they are sustainable.
What assessment she has made of recent trends in the level of government borrowing.
The Chancellor has asked the Office for Budget Responsibility to prepare an economic and fiscal forecast for publication on 26 November 2025, which will accompany the annual Budget. We are spending over £100bn a year on debt interest - equivalent to £1 in every £10 the government spends. The government’s fiscal strategy put the public finances on a sustainable path while prioritising investment to support long-term economic growth. The fiscal rules provide a blueprint for getting debt on a downward path over the next five years, while borrowing to invest in our economy. This is the responsible choice – to live within our means, reduce our levels of borrowing in the years ahead and support the Bank of England to get inflation down, so we can deliver on the priorities of working people and spend less on servicing debt.
What assessment she has made of the potential impact of reforms to (a) Agricultural Property Relief and (b) Business Property Relief on trends in the number of farm closures.
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free. The Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data. The Government published a tax information and impact note on 21 July 2025 and this is available at www.gov.uk/government/publications/reforms-to-agricultural-property-relief-and-business-property-relief/agricultural-property-relief-and-business-property-relief-reforms. The Government will invest more than £2.7 billion a year in sustainable farming and nature recovery from 2026-27 until 2028-29. This includes the largest financial investment into nature-friendly farming ever.
What assessment she has made of the potential impact of levels of debt interest payments on the public finances.
The Chancellor has asked the Office for Budget Responsibility to prepare an economic and fiscal forecast for publication on 26 November 2025, which will accompany the annual Budget. We are spending over £100bn a year on debt interest - equivalent to £1 in every £10 the government spends. The government’s fiscal strategy put the public finances on a sustainable path while prioritising investment to support long-term economic growth. The fiscal rules provide a blueprint for getting debt on a downward path over the next five years, while borrowing to invest in our economy. This is the responsible choice – to live within our means, reduce our levels of borrowing in the years ahead and support the Bank of England to get inflation down, so we can deliver on the priorities of working people and spend less on servicing debt.
What assessment she has made of trends in the level of public expenditure as a share of national output.
The government's fiscal strategy is putting the public finances on a sustainable path while prioritising investment to protect the NHS and support long-term growth. We are relentlessly cutting waste, improving efficiency to make sure every penny of taxpayers' money is spent wisely, and reforming public services to make sure they are sustainable.
What fiscal steps she is taking to help (a) reduce inflation and (b) increase average annual earnings in the West Midlands.
The government have been clear that inflation has been too slow to come down, and the priority it is placing on tackling the cost of living, as part of its mission to grow living standards.The Bank of England has the responsibility for controlling inflation through monetary policy. The Government fully supports them as they take action to return inflation sustainably to 2%. Maintaining stable public finances and reducing borrowing over time will help to ease pressure on prices. Economic growth will help to increase earnings across the UK, including in the West Midlands.The government’s fiscal strategy is to put the public finances on a sustainable path while prioritising investment to support long-term growth and meeting the fiscal rules.The Chancellor has also asked departments to look at what action on inflation can be taken when developing policies for the Autumn Budget, while ensuring decisions support stability and long-term growth.The Government has committed to £160m of funding over 10 years for the West Midlands Investment Zone, which local partners expect to generate £3.5bn in private sector investment, deliver 30,000 jobs and support higher earnings in the area.
What assessment she has made of the potential impact of (a) average annual earnings and (b) prices on household disposable income in 2024-25.
Real Household Disposable Income (RHDI) per capita is a measure of UK living standards, representing the total disposable income per person in the UK, net of taxes and inflation. RHDI per capita grew by 3.1% over 2024. This is the largest calendar year increase since 2015. Average whole economy total pay growth in 2024 was 5.3%. Inflation, as measured by CPI, fell to 2.5% in 2024, which supported RHDI growth in 2024. HM Treasury does not prepare forecasts for the UK economy. Forecasts, including for real household disposable income, are the responsibility of the independent Office for Budget Responsibility (OBR). These forecasts are published by the OBR as part of its Economic and Fiscal Outlook (EFO). In the March 2025 EFO, the OBR forecasted that RHDI per capita would grow by 1.7% in 2025, supported by strong annual earnings growth outweighing the impact from prices.
Whether she plans to provide additional funding for the Warm Homes Plan.
At the Spending Review in June, this Government committed £13.2 billion to the Warm Homes Plan to cut bills, tackle fuel poverty and accelerate our trajectory towards net zero. Further details on the Warm Homes Plan, including how funding will be allocated to different schemes is expected to be published within the coming months.
What assessment she has made of the potential impact of debt servicing costs on developing countries’ public health spending.
Tackling unsustainable debt is one of the UK government’s international development priorities and we are committed to an international financial system that supports development needs and helps countries address their debt vulnerabilities, aligned with the aim of the recommendations of The Jubilee Report. The UK supports tailored debt solutions within a consistent international mechanisms, such as the G20 Common Framework, and actively advocates for responsible lending and borrowing practices, as well as enhanced debt transparency from both creditors and borrowers. We agree that the Common Framework could be improved to deliver smoother and more timely solutions. We are advancing these priorities through initiatives like the London Coalition on Sustainable Sovereign Debt, the G20, and the Global Sovereign Debt Roundtable. Where necessary, we have backed early and comprehensive debt reprofiling, provided such measures credibly restore sustainability. We also agree that prioritising growth in borrower countries is essential for achieving long-term debt sustainability, and our focus remains on solutions that prevent defaults before they arise. We have implemented contractual innovations, such as climate-resilient debt clauses (CRDCs) for which we were the first creditor to do so, to help borrowers manage liquidity pressures following shocks, and are working with the private sector to expand their adoption. We are also pushing for the integration of climate risks into debt sustainability analyses and are pressing this agenda with the IMF and World Bank. The UK remains a strong advocate for comparability of treatment in debt restructurings. At present, we do not see a case for further legislation, as there is little evidence of private sector holdouts in negotiations, although we keep this under review. We recognise that in many low-income countries high debt servicing costs are crowding out spending on public health. To support low-income and emerging market countries with short-term liquidity challenges we support the IMF and World Bank’s Three Pillar Approach, which combines structural reforms, domestic resource mobilisation and external financial support to reduce debt burdens. We are pushing for the Three Pillar Approach to be rolled out swiftly, including for the IMF and World to actively engage early with affected countries to ensure they are informed of what support is available.
What assessment she has made of the potential implications for his policies on global debt of the publication entitled The Jubilee Report: A Blueprint for Tackling the Debt and Development Crises and Creating the Financial Foundations for a Sustainable People-Centered Global Economy, published on 20 June 2025.
Tackling unsustainable debt is one of the UK government’s international development priorities and we are committed to an international financial system that supports development needs and helps countries address their debt vulnerabilities, aligned with the aim of the recommendations of The Jubilee Report. The UK supports tailored debt solutions within a consistent international mechanisms, such as the G20 Common Framework, and actively advocates for responsible lending and borrowing practices, as well as enhanced debt transparency from both creditors and borrowers. We agree that the Common Framework could be improved to deliver smoother and more timely solutions. We are advancing these priorities through initiatives like the London Coalition on Sustainable Sovereign Debt, the G20, and the Global Sovereign Debt Roundtable. Where necessary, we have backed early and comprehensive debt reprofiling, provided such measures credibly restore sustainability. We also agree that prioritising growth in borrower countries is essential for achieving long-term debt sustainability, and our focus remains on solutions that prevent defaults before they arise. We have implemented contractual innovations, such as climate-resilient debt clauses (CRDCs) for which we were the first creditor to do so, to help borrowers manage liquidity pressures following shocks, and are working with the private sector to expand their adoption. We are also pushing for the integration of climate risks into debt sustainability analyses and are pressing this agenda with the IMF and World Bank. The UK remains a strong advocate for comparability of treatment in debt restructurings. At present, we do not see a case for further legislation, as there is little evidence of private sector holdouts in negotiations, although we keep this under review. We recognise that in many low-income countries high debt servicing costs are crowding out spending on public health. To support low-income and emerging market countries with short-term liquidity challenges we support the IMF and World Bank’s Three Pillar Approach, which combines structural reforms, domestic resource mobilisation and external financial support to reduce debt burdens. We are pushing for the Three Pillar Approach to be rolled out swiftly, including for the IMF and World to actively engage early with affected countries to ensure they are informed of what support is available.
With reference to p.99 of The UK’s Modern Industrial Strategy 2025, published on 23 June 2025, what strategic partnerships are being trialled by The National Wealth Fund in the West Midlands.
The National Wealth Fund (NWF) is trialling a Strategic Partnership with West Midlands – as well as Greater Manchester, West Yorkshire and Glasgow City Region – to provide enhanced, hands-on support to help it develop and finance long-term investment opportunities. The Strategic Partnerships will offer a closer, enhanced relationship with a small number of places to test whether this approach is more effective at building investment pipelines. They are bespoke arrangements, tailored to unique local requirements. This will include specific support at the early stages of project development to address capability and capacity gaps. Alongside these, the NWF continues to provide financial and commercial advice and financing to local authority projects across the UK.
What infrastructure projects the National Wealth Fund has (a) funded, (b) initiated and (c) delivered in the West Midlands since October 2024.
The National Wealth Fund (NWF) has a strong regional mandate and proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide.In March 2025, the NWF’s local authority function provided a £9.6 million loan to Solihull Council to help deliver its innovative new town centre energy network.
What recent assessment she has made of the potential impact of fiscal uncertainty on levels of business confidence.
Ensuring fiscal stability is a core part of delivering economic stability and providing a strong foundation for growth. The Government has been clear that the fiscal rules are non-negotiable.We also introduced a series of responsible reforms to the fiscal framework that improve certainty, transparency and accountability, such as committing to one major annual fiscal event to provide certainty for families and businesses and introducing a ‘fiscal lock’ to ensure no government can announce fiscally significant measures without being subject to an independent assessment by the Office for Budget Responsibility.The Government monitors a wide range of indicators to assess the UK’s economic performance, including measures of business confidence.
What discussions she had with the hospice sector ahead of publishing the Spending Review 2025.
The Government recognises the vital role hospices play in supporting people at the end of life alongside their families. We are determined to shift more healthcare out of hospitals and into the community, and hospices will have a big role to play in that shift. We are investing £100 million to improve hospices facilities, and a further £26 million for children’s hospices this year, the biggest investment in hospices in a generation. Further information on funding for future years will be provided by the Department for Health and Social Care in due course. The Spending Review published last month set multi-year departmental budgets, providing departments with greater budget certainty. NHS day-to-day spending will increase by £29 billion in real terms by 2028-29 compared to 2023-24. This is equivalent to a 3% average annual real terms growth rate over the SR period. Ministers have regular discussions with a range of stakeholders, including key palliative and end of life care and hospice stakeholders.
Whether she plans to consult with the hospice sector prior to the Autumn Budget 2025.
The Government recognises the vital role hospices play in supporting people at the end of life alongside their families. We are determined to shift more healthcare out of hospitals and into the community, and hospices will have a big role to play in that shift. We are investing £100 million to improve hospices facilities, and a further £26 million for children’s hospices this year, the biggest investment in hospices in a generation. Further information on funding for future years will be provided by the Department for Health and Social Care in due course. The Spending Review published last month set multi-year departmental budgets, providing departments with greater budget certainty. NHS day-to-day spending will increase by £29 billion in real terms by 2028-29 compared to 2023-24. This is equivalent to a 3% average annual real terms growth rate over the SR period. Ministers have regular discussions with a range of stakeholders, including key palliative and end of life care and hospice stakeholders.
What assessment she has made of the potential merits of a longer term settlement for children’s hospices beyond 2025-26.
The Government recognises the vital role hospices play in supporting people at the end of life alongside their families. We are determined to shift more healthcare out of hospitals and into the community, and hospices will have a big role to play in that shift. We are investing £100 million to improve hospices facilities, and a further £26 million for children’s hospices this year, the biggest investment in hospices in a generation. Further information on funding for future years will be provided by the Department for Health and Social Care in due course. The Spending Review published last month set multi-year departmental budgets, providing departments with greater budget certainty. NHS day-to-day spending will increase by £29 billion in real terms by 2028-29 compared to 2023-24. This is equivalent to a 3% average annual real terms growth rate over the SR period. Ministers have regular discussions with a range of stakeholders, including key palliative and end of life care and hospice stakeholders.
What steps she is taking to reduce the number of households relying on high-cost credit to meet living expenses.
The Financial Conduct Authority (FCA) is responsible for regulating the consumer credit sector. The FCA requires firms to carry out an assessment of the creditworthiness of a prospective borrower before entering into a regulated credit agreement with them. Under FCA rules, when undertaking creditworthiness assessments, firms must assess each customer’s creditworthiness by considering not just whether a customer will repay, but also the customer’s ability to repay affordably and without significantly affecting their wider financial situation. The Government recognises that credit, when provided responsibly and affordably, can be crucial for people facing unexpected expenses or managing their cash flow. That is why, as part of its Financial Inclusion Strategy, the Government is committed to expanding access to affordable credit. The development of the Financial Inclusion Strategy is being informed by a committee of industry and consumer representatives I chair, ahead of its publication later this year. The access to credit workstream has been considered by a dedicated sub-committee which included financial services firms, credit unions and consumer representative organisations. The Committee has also been considering how to support individuals and households to build their financial resilience by increasing the level of emergency saving buffers in the UK. In addition, the Government provides a range of debt advice services in England through the Money and Pensions Service (MaPS) to meet the needs of individuals in problem debt, including national and community-based services offering free-to-client debt advice.
What steps she is taking to incentivise saving.
Individuals can save up to £20,000 into an Individual Savings Account each year, and any savings income received is tax free. Along with the Personal Savings Allowance of up to £1,000, and the Starting Rate for Savings of up to £5,000 for those with earned income below £17,570, around 85 per cent of people with savings income pay no tax. The Help to Save scheme also supports low-income working households to start a long-term savings habit.
What budget has been allocated for the London Coalition on Sustainable Sovereign Debt.
No government funding has been allocated to the London Coalition on Sustainable Sovereign Debt. As set out in my written ministerial statement of 23rd June, the Coalition is convened by the Sustainable Sovereign Debt Hub and funded by CIFF (The Children’s Investment Fund Foundation).
What dates have been set for (a) the inaugural meeting and (b) any future meetings of the London Coalition on Sustainable Sovereign Debt.
The launch event for the London Coalition on Sustainable Sovereign Debt took place on 23rd June. Dates for future meetings are still being finalised.