The Government conducted thorough and detailed analysis of the impacts of removing the VAT exemption and published a Tax Impact and Information Note (TIIN) which sets out this analysis. This is a comprehensive assessment of the impacts on individuals and families, businesses and the wider economy, as well as equalities impacts. It was published online and can be found here:  www.gov.uk/government/publications/vat-on-private-school-fees/ac8c20ce-4824-462d-b206-26a567724643

At Autumn Budget 2024 the independent Office for Budget Responsibility (OBR) confirmed this change will raise over £1.7 billion per year by 2029/30. Since the exemption was removed in January last year, the OBR has estimated it will raise around £40 million per year more than originally forecast.

The Government always expected that applying VAT to private school fees would, in the long-term, lead to 37,000 fewer pupils in the private sector and 35,000 additional pupils in the state sector – less than 0.5 per cent of the state school population. The Government’s analysis shows these additional pupils will cost £270m per year, compared to over £1.7bn raised in revenue. As noted in the TIIN, the overall impact in Scotland will likely be smaller than in England as it has a lower proportion of pupils in private schools, though there will be regional variation.

The fall in private school pupil numbers since the policy came into effect is in line with expectations and reflects demographic change across the whole school system, not the VAT policy alone. Pupil numbers have fallen across primary, secondary, and independent schools alike. This is primarily driven by falling birth rates, following a peak in 2012, as cohorts move through secondary school age and smaller year groups enter primary.

The Government recognises the importance of the creative industries and supports the sector through funding and through the tax system.

In considering any changes to existing tax reliefs or introducing new ones, Government must consider a wide range of factors, including the specific aims of the relief, the costs and complexity of designing and administering new provisions, and fairness. Decisions on tax are taken by the Chancellor at fiscal events, in the context of overall public finances.

The annual VAT revenue attributable to accommodation and food and beverage services is estimated at £24 billion in 2026-27. The estimate of the annual cost of £11 billion of reducing the VAT rate on those services to 10% included an allowance for increase in demand and a resulting increase in VAT receipts from these services at a 10% rate. This estimate was on the usual basis for Budget policy costings.

Providing certainty, confidence and stability to investors and industry is one of the core objectives of the 10 Year Infrastructure Strategy. Through the Infrastructure Pipeline and by providing longer term funding certainty, the government is setting out clear plans for infrastructure.

The government is also delivering the reforms that industry and investors have been asking for. The Planning and Infrastructure Act, and reforms to regulation, will help provide more certainty and reduce burdens and barriers to investment and delivery, improving the UK’s competitiveness.

The National Infrastructure and Service Transformation Authority plays a key role in delivering government’s approach to infrastructure, especially delivering a more strategic and spatially-planned approach. It delivers this through its work overseeing the implementation of the 10 Year Infrastructure Strategy and publishing regular updates to the Infrastructure Pipeline.

Alongside the rest of HM Treasury and the Office for Investment, the National Infrastructure and Service Transformation Authority also works closely with the private sector and the UK’s public financial institutions to ensure that there is sufficient capital to support growth. The National Wealth Fund supports this by addressing market failures and access-to-finance gaps, helping to crowd in private investment and unlock infrastructure projects that might not otherwise proceed.

It is clear that the government’s approach is working: business investment has increased by 4.9% since the beginning of this Parliament. And, since Q2 2024, the UK has had the fastest investment growth in the G7.

On 10 September, the Government published a response to the consultation on the Visitor Levy which provides more detail on the policy design, drawing on feedback from the accommodation and hospitality sectors, local government, and members of the public.

The impact of the Visitor Levy will largely depend on local decisions, with Mayors and local leaders empowered to decide if it is right for their region. Strategic authorities will decide whether to introduce a levy and, if so, will consider the impact on the local economy and consult on specific proposals, including how revenue will be used to support local growth. This will help local leaders to find an appropriate balance between supporting local economic priorities, such as tourism, ensuring a levy is affordable, including for working families, and providing stability and certainty for businesses. Strategic authorities will be required to publish an impact assessment, a summary of the consultation results and their response, including a final prospectus.

On 10 September, the Government published a response to the consultation on the Visitor Levy which provides more detail on the policy design, drawing on feedback from the accommodation and hospitality sectors, local government, and members of the public.

The impact of the Visitor Levy will largely depend on local decisions, with Mayors and local leaders empowered to decide if it is right for their region. Strategic authorities will decide whether to introduce a levy and, if so, will consider the impact on the local economy and consult on specific proposals, including how revenue will be used to support local growth. This will help local leaders to find an appropriate balance between supporting local economic priorities, such as tourism, ensuring a levy is affordable, including for working families, and providing stability and certainty for businesses. Strategic authorities will be required to publish an impact assessment, a summary of the consultation results and their response, including a final prospectus.

On 10 September, the Government published a response to the consultation on the Visitor Levy which provides more detail on the policy design, drawing on feedback from the accommodation and hospitality sectors, local government, and members of the public.

The impact of the Visitor Levy will largely depend on local decisions, with Mayors and local leaders empowered to decide if it is right for their region. Strategic authorities will decide whether to introduce a levy and, if so, will consider the impact on the local economy and consult on specific proposals, including how revenue will be used to support local growth. This will help local leaders to find an appropriate balance between supporting local economic priorities, such as tourism, ensuring a levy is affordable, including for working families, and providing stability and certainty for businesses. Strategic authorities will be required to publish an impact assessment, a summary of the consultation results and their response, including a final prospectus.

On 10 September, the Government published a response to the consultation on the Visitor Levy which provides more detail on the policy design, drawing on feedback from the accommodation and hospitality sectors, local government, and members of the public.

The impact of the Visitor Levy will largely depend on local decisions, with Mayors and local leaders empowered to decide if it is right for their region. Strategic authorities will decide whether to introduce a levy and, if so, will consider the impact on the local economy and consult on specific proposals, including how revenue will be used to support local growth. This will help local leaders to find an appropriate balance between supporting local economic priorities, such as tourism, ensuring a levy is affordable, including for working families, and providing stability and certainty for businesses. Strategic authorities will be required to publish an impact assessment, a summary of the consultation results and their response, including a final prospectus.

On 10 September, the Government published a response to the consultation on the Visitor Levy which provides more detail on the policy design, drawing on feedback from the accommodation and hospitality sectors, local government, and members of the public.

The impact of the Visitor Levy will largely depend on local decisions, with Mayors and local leaders empowered to decide if it is right for their region. Strategic authorities will decide whether to introduce a levy and, if so, will consider the impact on the local economy and consult on specific proposals, including how revenue will be used to support local growth. This will help local leaders to find an appropriate balance between supporting local economic priorities, such as tourism, ensuring a levy is affordable, including for working families, and providing stability and certainty for businesses. Strategic authorities will be required to publish an impact assessment, a summary of the consultation results and their response, including a final prospectus.

On 10 September, the Government published a response to the consultation on the Visitor Levy which provides more detail on the policy design, drawing on feedback from the accommodation and hospitality sectors, local government, and members of the public.

The impact of the Visitor Levy will largely depend on local decisions, with Mayors and local leaders empowered to decide if it is right for their region. Strategic authorities will decide whether to introduce a levy and, if so, will consider the impact on the local economy and consult on specific proposals, including how revenue will be used to support local growth. This will help local leaders to find an appropriate balance between supporting local economic priorities, such as tourism, ensuring a levy is affordable, including for working families, and providing stability and certainty for businesses. Strategic authorities will be required to publish an impact assessment, a summary of the consultation results and their response, including a final prospectus.

It is long-standing convention that the Government does not comment on specific market movements.

Fiscal credibility is the Chancellor’s first priority. That is why the Chancellor has set out that we will meet the fiscal rules, balancing the books with a buffer against uncertainty, controlling borrowing to bear down on inflation and debt interest costs, and reducing long term pressures on our public finances.

Decisions on tax policy are taken by the Chancellor at fiscal events in the context of overall public finances.

Installations of qualifying energy-saving materials in residential accommodation, and buildings used solely for a charitable purpose, benefit from a temporary VAT zero rate until March 2027, after which they will revert to the reduced rate of VAT at five per cent.

When evaluating whether to add energy-saving materials to this relief, the Government uses three criteria. The technology must be primarily intended to improve energy efficiency and reduce carbon emissions; relieving the technology of VAT must be cost-effective; and it must be practical for HMRC and businesses to operate.

The Government plans to support the installation of heat batteries by making them eligible for the Boiler Upgrade Scheme. This will offer grants of £2,500 for heat battery installation in homes that are not suitable for heat pumps.

The Bank of England has confirmed that it no longer holds any gold recovered from Nazi Germany by the Tripartite Commission.^[1]

^[1] https://webarchive.nationalarchives.gov.uk/ukgwa/20170704160016/http:/www.bankofengland.co.uk/publications/Pages/foi/disc290116.aspx

The Government is unlocking billions of pounds of investment through the landmark reforms introduced in the Pension Schemes Act.

The industry-led Mansion House Accord commitment includes investment in asset classes such as infrastructure, housing and venture capital, as well as the London Stock Exchange growth markets.

The Government is strongly encouraged by progress so far. As of 31 December 2025, 4.9% of pension default arrangements are invested in private markets. This is according to regulatory data published on 13 July 2026. 2.0% is invested specifically in UK private markets. The investment stretches across the full scope of the asset classes in the Accord commitment.