The Chancellor has not held or attended any meetings with the City Remembrancer Paul Wright.

The Chancellor and City Remembrancer are likely to have attended a number of the same events, relevant to their respective roles.

The Treasury keeps legislation under review considering operational readiness, Cabinet Office guidance and wider priorities. Policy teams monitor provisions that have not been commenced and consider when to bring forward commencement orders, drawing on legal and legislative advice where needed. The department remains in regular contact with Parliament to undertake required post-legislative scrutiny, including consideration of measures not yet commenced.

The Treasury, its ministers, and special advisers place the utmost importance on budget security. A leak inquiry is currently underway, alongside a review of security processes to inform future fiscal events.

The Permanent Secretary to HM Treasury told the Treasury Select Committee on 10 December 2025 that he expects the review to conclude ahead of the Spring Statement on 3 March. The outcome of the review will be published.

We do not disclose the exact number of visas sponsored for data privacy reasons, but can confirm that fewer than five civil servants at HM Treasury are on Skilled Worker visas. Information requested on other departments is not held centrally.

Information on non-departmental public bodies of the Treasury is not held centrally, and can only be provided at disproportionate cost.

We do not comment on the specific arrangements in place for the Chancellor for security reasons.

As part of the Spending Review 2025, HM Treasury, alongside all government departments, undertook a zero-based review (ZBR) of its expenditure. This review was performed as per the requirements of the Spending Review. The outputs are intended for internal decision-making processes, not for publication. The Spending Review settlement for HMT means the department will need to get smaller, delivering a 10% reduction in its admin budgets by 2028-29. The detailed business planning process to achieve those reductions, including a review of administrative functions, over the Spending Review period is currently in progress. The outputs from the ZBR are being used to support this.

Due to correspondence being just one role officials have, the potential for multiple officials to be involved, and differing complexity per case, we do not currently attribute precise staff time spent per case. Therefore, we are unable to provide an average cost per case for ministerial or public correspondence in 2024–25.

However, as set out in the Departmental Efficiency Plans, the adoption of AI-driven automation is expected to both speed up casework and reduce overall costs. We anticipate efficiency gains relative to current arrangements. Further detail will be available once the automated tools are fully developed and deployed and the impact assessed in terms of central resource and time savings.

The Chancellor attended the International Monetary Fund and World Bank meetings between 22^nd and 25^th April 2025.

During this time, she met with the US Treasury Secretary, as part of a typical programme of engagement with her finance minister counterparts, and the US was among other bilateral meetings.

When meeting the US Treasury Secretary, the Chancellor discussed matters of reserved policy for which she is responsible.

The UK government, including the Chancellor, regularly engage with counterparts from other nations to progress matters of national interest.

HM Treasury has a comprehensive framework for assessing and managing potential risks to the economic and fiscal outlook, including those posed by new diseases. This framework involves systematic monitoring through internal risk monitors, risk governance forums, and collaboration with other government departments such as the Cabinet Office and the Department of Health and Social Care (DHSC). In escalatory scenarios, such as where a new disease with high transmission rates emerges, HM Treasury is prepared to conduct economic impact assessments to inform policy and response plans.

During the COVID-19 pandemic, HM Treasury officials engaged with other Government departments to consider the implications of long COVID, including assisting with preparations for the DHSC long COVID Oversight Board. HM Treasury will provide more information on its efforts to understand the economic implications of long COVID-19 to the ongoing COVID-19 inquiry.

The Bank of England has operational independence from the Government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.

In a letter to the Chancellor (12 November 2024), the Governor of the Bank of England said:

“Whilst different unwind strategies might affect the timing of cash flows between HMT and the APF, they are expected to have little effect on total cost in present value terms. For example, active sales incur upfront costs, but they also reduce lifetime net interest costs from carrying gilts on the APF’s portfolio when Bank Rate is higher than coupon payments.” [1]

Since October 2022, HM Treasury has transferred £85.9bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound.

Between 2012 and 2022, the APF transferred £124bn in excess cash to HMT under the terms of the indemnity from net interest payments on purchased assets.

Data on these cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available in the ONS data series ID MF7A in worksheet PSA9B.

The independent OBR provides detailed projections of the underlying losses from the APF and the impact on different fiscal metrics. As per the OBR’s Economic and Fiscal Outlook for the Spring Forecast 2025, the lifetime cost of the APF is forecast to be £133.7bn.

[1] Letter from the Governor of the Bank of England to the Chancellor of the Exchequer 12 November 2024

The Bank of England has operational independence from the Government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.

In a letter to the Chancellor (12 November 2024), the Governor of the Bank of England said:

“Whilst different unwind strategies might affect the timing of cash flows between HMT and the APF, they are expected to have little effect on total cost in present value terms. For example, active sales incur upfront costs, but they also reduce lifetime net interest costs from carrying gilts on the APF’s portfolio when Bank Rate is higher than coupon payments.” [1]

Since October 2022, HM Treasury has transferred £85.9bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound.

Between 2012 and 2022, the APF transferred £124bn in excess cash to HMT under the terms of the indemnity from net interest payments on purchased assets.

Data on these cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available in the ONS data series ID MF7A in worksheet PSA9B.

The independent OBR provides detailed projections of the underlying losses from the APF and the impact on different fiscal metrics. As per the OBR’s Economic and Fiscal Outlook for the Spring Forecast 2025, the lifetime cost of the APF is forecast to be £133.7bn.

[1] Letter from the Governor of the Bank of England to the Chancellor of the Exchequer 12 November 2024

The government is taking a consistent, long term and strategic approach to managing the UK’s relations with China, rooted in UK. This means cooperating where we can, competing where we need to, and challenging where we must.

The Chancellor’s visit to China for the 2025 UK-China Economic and Financial Dialogue was consistent with this approach and was the UK’s first substantive engagement with China on nationally important economic and financial issues in five years. The Chancellor was accompanied by a small delegation as we looked to re-open dialogue and respectfully yet robustly strengthen our lines of communication.

The Chancellor took questions from journalists from UK and international media organisations while she was in Beijing and representatives of the government of China were aware of these plans before the fact.

The government published a press statement about the Chancellor’s visit on Saturday 11 January. [1.]

1 - UK Government, 11 January 2025. Chancellor marks £600m of secure growth for UK economy in Beijing. [Available from: https://www.gov.uk/government/news/chancellor-marks-600m-of-secure-growth-for-uk-economy-in-beijing]

A strong UK-China relationship is important for both countries, and investment and growth are priorities for this government. China is one of our biggest trading partners and therefore it is important to have serious, pragmatic discussions with its leaders, cooperating where we can, competing when needed and challenging where we must.

The Prime Minister met President Xi Jinping at the G20 Summit in November and agreed that the Chancellor should visit Beijing in 2025 to discuss economic and financial cooperation with her counterpart, Vice Premier He Lifeng. Ministerial travel will be confirmed in the usual way.

The Chief Secretary to the Treasury has responded to The Rt. Hon. the Lord Blunkett.

In line with Cabinet Office guidance, HM Treasury aims to respond to ministerial correspondence from parliamentarians within 20 working days. Correspondence performance data is published within HM Treasury’s Annual Report and Accounts. The 2023-24 Report noted that 62% of replies to parliamentarians were answered within the timeframe.

Ian Corfield was appointed on a short-term basis to carry out urgent work in support of the government’s International Investment Summit in October. A full recruitment process could not have been completed in the time available. The donation was included in the Chancellor’s Register of Member’s Interests. He has since been appointed, unpaid, as a direct ministerial appointment.

Ian Corfield was appointed on a short-term basis to carry out urgent work in support of the government’s International Investment Summit in October. A full recruitment process could not have been completed in the time available. He has since been appointed, unpaid, as a direct ministerial appointment. The donation was included in the Chancellor's Register of Member's Interests.

Ian Corfield was appointed on a short-term basis to carry out urgent work in support of the government’s International Investment Summit in October. A full recruitment process could not have been completed in the time available. He has since been appointed by the Chancellor as an unpaid direct ministerial appointment.

Ian Corfield was appointed via Exception to the Civil Service Commission’s Recruitment Principles. The Department followed the established process to make the appointment and was granted the required approval from the Civil Service Commission. Ian Corfield was appointed on a short-term basis to carry out urgent work in support of the new government’s International Investment Summit in October. A full recruitment process could not have been completed in the time available.

The established process for the declaration of propriety matters was followed, and this process does not involve the Civil Service Commission.