HM Treasury
The most powerful department in Whitehall. Ministers come and go, policies rise and fall, but sooner or later almost every major decision ends up on a Treasury desk with a price tag attached.
Department Staff
Ministers
Senior Civil Service
The politicians change. These people often stay for years.
Budget · 2025/26
Treasury's own running costs: the staff, the policy teams, the Debt Management Office, the Government Internal Audit Agency. £433 million for the department that decides where most of the rest of the budget goes. The £1.3 trillion of total managed expenditure is allocated by Treasury but spent by everyone else. Net debt interest of around £100 billion sits against the consolidated fund and is managed by HMT but does not count as departmental spending.
Grants · 2024-25
| Pilot No-Interest Loans SchemeHM Treasury | £1.5m |
| Counter Illicit Finance ProgrammeHM Treasury | £550k |
| Recipient | Scheme | Paid |
|---|---|---|
| Fair4All Finance Limited | Pilot No-Interest Loans SchemeHM Treasury | £1.5m |
| OECD - FATF | Counter Illicit Finance ProgrammeHM Treasury | £550k |
Source: Cabinet Office, Government grants register 2024 to 2025 (official statistics, published on GOV.UK). Includes grants paid by the department and the agencies and bodies it funds. Amounts are what was paid out in the financial year. Government withholds some recipients’ names for sensitivity reasons, and grants to individuals are not named here.
Agencies & Arm's Length Bodies (12)
- Evaluation Task Force (ETF)
We are a joint Cabinet Office HM Treasury unit providing specialist support to ensure evidence and evaluation sits at the heart of spending decisions. ETF works with the Cabinet Office and HM Treasury .
- Government Actuary's Department (GAD)
We provide actuarial solutions, including financial risk analysis, modelling and advice, to support the UK public sector. GAD is a non ministerial department.
- Government Debt Management Function (GDMF)
GDMF works with HM Treasury and the Civil Service .
- Government Finance Function (GFF)
The Government Finance Function enables the delivery of high quality public services and ensures that public money is spent efficiently and effectively. GFF is part of the Civil Service and HM Treasury .
- Government Internal Audit Agency (GIAA)
Our people provide objective insight so that central government can achieve better outcomes and value for money for the public. GIAA is an executive agency, sponsored by HM Treasury .
- National Infrastructure and Service Transformation Authority (NISTA)
We unite long term strategy with best practice project delivery, transforming UK major projects and programmes. NISTA works with the Cabinet Office and HM Treasury .
- National Wealth Fund (NWF)
We have £27.8 billion to deploy to support the government’s growth and clean power missions. NWF is an executive non departmental public body, sponsored by HM Treasury .
- Office of Financial Sanctions Implementation (OFSI)
OFSI helps ensure financial sanctions are properly understood, implemented and enforced in the United Kingdom. This includes the Oil Price Cap on Russian oil. OFSI is part of HM Treasury .
- Public Sector Fraud Authority (PSFA)
The Public Sector Fraud Authority works with departments and public bodies to understand and reduce the impact of fraud. PSFA is part of the Cabinet Office and HM Treasury .
- Reclaim Fund Ltd (RFL)
Reclaim Fund Ltd (RFL) administers the dormant assets scheme, safeguarding the rights of dormant asset holders while optimising the financial benefits for good causes across the UK.
- Royal Mint Advisory Committee (RMAC)
We review new designs of coins, medals, seals and decorations and then recommend preferred designs to the government. RMAC is an advisory non departmental public body, sponsored by HM Treasury .
- UK Infrastructure Bank
The UK Infrastructure Bank is an executive non departmental public body, sponsored by HM Treasury .
Press Releases (20)
- Britain funds critical repairs to Chornobyl nuclear power plant damaged by Russian drone attackHM Treasury · 14 Oct 2026
- New appointments to Financial Conduct Authority Board 2026HM Treasury · 30 Sept 2026
- More overseas firms enticed to buy BritishHM Treasury · 28 Sept 2026
- UK’s 250th banking hub opens in Chepstow, keeping access to cash and face-to-face banking in the townHM Treasury · 18 Sept 2026
- Chancellor announces Bank of England appointmentsHM Treasury · 16 Sept 2026
- Chancellor takes axe to delays holding back growthHM Treasury · 7 Sept 2026
- First ever Entrepreneurship Advisor appointed to the TreasuryHM Treasury · 7 Sept 2026
- UK leads way in disrupting shadowy Russian sanctions evasion networkHM Treasury · 31 Aug 2026
- £100 million competition to back British AI companies to fix public servicesHM Treasury · 31 Aug 2026
- Treasury to call time on uncertainty for pubs and hotelsHM Treasury · 24 Aug 2026
- Budget to move “power and money out of Westminster, and into every postcode around Britain”.HM Treasury · 31 Jul 2026
- G7 Cyber Expert Group 2026 Cross Border Coordination Exercise (CBCE)HM Treasury · 31 Jul 2026
- UK financial system strengthened with new safeguards for major technology providersHM Treasury · 10 Jul 2026
- Joint statement from member countries of the Multilateral Defence MechanismHM Treasury · 7 Jul 2026
- Great British Summer Savings: Tax cut on kids’ meals and days out goes liveHM Treasury · 24 Jun 2026
- Government fraud squad hunts down Covid loan scamsHM Treasury · 23 Jun 2026
- Chancellor Announces Jonathan Haskel as Preferred Chair of the Office for Budget ResponsibilityHM Treasury · 23 Jun 2026
- UK issues largest penalty for financial sanctions breaches since Russia’s 2022 illegal invasion of UkraineHM Treasury · 17 Jun 2026
- Baroness Hogg has been reappointed as a non-executive member of the Office for Budget Responsibility.HM Treasury · 11 Jun 2026
- Great British Summer Savings: VAT slashed to save families money on days outHM Treasury · 21 May 2026
Reports (6)
- Labour Leads Polls as Consumer Confidence Falls 11 PointsLabour leads recent polls, but consumer confidence fell 11 points in October, its sharpest drop since the pandemic began.Investigation · 24 Oct 2026Continue to full article
- New Help to Buy Scheme Has No Published CostA new equity loan scheme for first time buyers has no published cost, interest terms or caps ahead of the Budget.Investigation · 24 Oct 2026Continue to full article
- Three Defence Secretaries in Six WeeksDefence had three secretaries in six weeks. MPs asked for compulsory minister training in 2013, and appointments still disclose no preparation.Investigation · 24 Oct 2026Continue to full article
- HMRC Tax Debt Losses Treble to £12.9bnHMRC’s tax debt losses trebled to £12.9bn in 2025/26. Auditors found it has not evaluated its overall debt strategy.Investigation · 23 Oct 2026Continue to full article
- No Digital Spending Figures, but a £45bn Savings ClaimThe government says it cannot yet publish its digital reform spending, but still promotes a £45bn savings figure MPs called “worryingly optimistic”.Investigation · Public Spending · 22 Oct 2026Continue to full article
- Britain Keeps £944m Tech Tax Despite Trump's Tariff ThreatBritain's digital services tax raised £944m last year. Trump's threatened 100 per cent tariff has still not been imposed.Investigation · Trade · 30 Jun 2026Continue to full article
Ministerial directions (2)
Spending the department’s accounting officer objected to, and a minister ordered to go ahead.
Eat Out to Help Out Scheme
Given 7 July 2020 · Rishi Sunak
Department at the time: HM Revenue & Customs, HM Treasury
Job Retention Bonus
Given 7 July 2020 · Rishi Sunak
Department at the time: HM Revenue & Customs, HM Treasury
Major projects (18)
The department’s projects in the Government Major Projects Portfolio, as reported each March. 9 are in the March 2026 report. Each year’s cost is shown with its price basis; costs are not compared between years, because only March 2026 states one.
BUILDING OUR FUTURE LOCATIONS PROGRAMME
HMRC (reports to the Treasury) · HMRC_0015_1617-Q1
Data as at Rating End date Whole-life cost March 2024 Amber (the department's own assessment) 5 April 2031 £2,836m (price basis not stated) March 2025 Amber (the department's own assessment) 5 April 2031 £2,884m (price basis not stated) March 2026 Green (the department's own assessment) 5 April 2031 £2,831.53m (in 2024/25 prices) Contact Centre as a Service (CCaaS)
HMRC (reports to the Treasury) · HMRC_0544_2526-Q2
Data as at Rating End date Whole-life cost March 2026 Amber (NISTA's independent assessment) 29 October 2027 £571.86m (in 2024/25 prices) Enterprise Customer Relationship Management (eCRM)
HMRC (reports to the Treasury) · HMRC_0543_2526-Q2
Data as at Rating End date Whole-life cost March 2026 Amber (NISTA's independent assessment) 29 March 2030 £256.75m (in 2024/25 prices) ENTERPRISE TAX MANAGEMENT PLATFORM (ETMP)
HMRC (reports to the Treasury) · HMRC_0292_2324-Q3
Data as at Rating End date Whole-life cost March 2024 Amber (the department's own assessment) 31 March 2030 £290m (price basis not stated) March 2025 Amber (the department's own assessment) 31 March 2030 £443.9m (price basis not stated) March 2026 Amber (the department's own assessment) 31 May 2030 £480.87m (in 2024/25 prices) HMRC NORTHERN IRELAND DELIVERY PROGRAMME
HMRC (reports to the Treasury) · HMRC_0164_2223-Q3 · Earlier name: HMRC Northern Ireland Programme (March 2024)
Data as at Rating End date Whole-life cost March 2024 Amber (NISTA's independent assessment) 31 March 2025 £498m (price basis not stated) March 2025 Amber (the department's own assessment) 31 March 2027 £573.05m (price basis not stated) March 2026 Amber (the department's own assessment) 31 March 2027 £712.9m (in 2024/25 prices) HMRC (reports to the Treasury) · HMRC_0017_1617-Q2
Data as at Rating End date Whole-life cost March 2024 Amber (NISTA's independent assessment) 31 March 2028 £1,272m (price basis not stated) March 2025 Amber (NISTA's independent assessment) 31 March 2029 £1,439.03m (price basis not stated) March 2026 Amber (NISTA's independent assessment) 31 March 2029 £1,484.62m (in 2024/25 prices) HM Treasury · HMT_0004_2021-Q2 · Earlier name: NS&I Rainbow (March 2024)
Data as at Rating End date Whole-life cost March 2024 Red (NISTA's independent assessment) 31 March 2026 £1,864m (price basis not stated) March 2025 Red (NISTA's independent assessment) 31 March 2028 £2,955.6m (price basis not stated) March 2026 Red (NISTA's independent assessment) Exempt under Section 43 - Commercial interests Exempt under Section 43 - Commercial interests HMRC (reports to the Treasury) · HMRC_0031_2122-Q3
Data as at Rating End date Whole-life cost March 2024 Amber (NISTA's independent assessment) 31 March 2027 £437m (price basis not stated) March 2025 Amber (NISTA's independent assessment) 31 December 2027 £259m (price basis not stated) March 2026 Red (NISTA's independent assessment) 30 April 2028 £245.97m (in 2024/25 prices) VOA (Valuation Office Agency, reports to the Treasury) · HMRC_0143_2223-Q2 · Earlier name: VOA Non - Domestic Rating Reforms Programme (March 2024)
Data as at Rating End date Whole-life cost March 2024 Amber (NISTA's independent assessment) 31 March 2029 £286m (price basis not stated) March 2025 Amber (NISTA's independent assessment) 1 April 2030 £328.5m (price basis not stated) March 2026 Amber (NISTA's independent assessment) 1 April 2030 £300.38m (in 2024/25 prices) HMRC (reports to the Treasury) · HMRC_0095_2122-Q4 · Last reported March 2024
Data as at Rating End date Whole-life cost March 2024 Amber (NISTA's independent assessment) 31 March 2028 £119m (price basis not stated) HMRC (reports to the Treasury) · HMRC_0028_2021-Q3 · Last reported March 2024
Data as at Rating End date Whole-life cost March 2024 Amber (the department's own assessment) 4 September 2023 £269m (price basis not stated) HMRC (reports to the Treasury) · HMRC_0032_2122-Q3 · Last reported March 2024
Data as at Rating End date Whole-life cost March 2024 Green (NISTA's independent assessment) 30 June 2025 £126m (price basis not stated) HMRC (reports to the Treasury) · HMRC_0159_2223-Q2 · Last reported March 2025
Data as at Rating End date Whole-life cost March 2024 Amber (NISTA's independent assessment) 31 March 2025 £309m (price basis not stated) March 2025 Amber (NISTA's independent assessment) 31 March 2027 Low: 567.90, Mid: 589.44, High: 607.08 (price basis not stated) HMRC (reports to the Treasury) · CO_0035_2122-Q1 · Last reported March 2024
Data as at Rating End date Whole-life cost March 2024 Amber (NISTA's independent assessment) 31 March 2027 £342m (price basis not stated) HMRC (reports to the Treasury) · HMRC_0033_2122-Q1 · Last reported March 2024
Data as at Rating End date Whole-life cost March 2024 Amber (NISTA's independent assessment) 31 March 2025 £246m (price basis not stated) HMRC (reports to the Treasury) · HMRC_0029_2021-Q3 · Last reported March 2025
Data as at Rating End date Whole-life cost March 2024 Amber (the department's own assessment) 31 December 2024 £630m (price basis not stated) March 2025 Green (the department's own assessment) 30 June 2025 £711.5m (price basis not stated) HMRC (reports to the Treasury) · HMRC_0033_2122-Q3 · Last reported March 2024
Data as at Rating End date Whole-life cost March 2024 Amber (NISTA's independent assessment) 31 March 2025 £81m (price basis not stated) VOA Business Systems Transformation (BST) Council Tax
VOA (Valuation Office Agency, reports to the Treasury) · HMRC_0291_2324-Q3 · Last reported March 2025 · Earlier name: VOA Business Systems Transformation (March 2024)
Data as at Rating End date Whole-life cost March 2024 Red (NISTA's independent assessment) 31 March 2026 £236m (price basis not stated) March 2025 Amber (the department's own assessment) 30 June 2025 £236.34m (price basis not stated)
Freedom of Information
Requests received in April to June 2026: 323. Answered within 20 working days: 271 of 323 (84%). With a permitted extension: 34. Late: 18.
Granted in full: 46 of 221 resolvable requests; partly withheld: 30 of 221; fully withheld: 132 of 221.
Change on April to June 2025: requests received 368 fewer (down 53.3%); answered within 20 working days 370 fewer (down 57.7%); late 1 fewer; granted in full 4 fewer (down 8.0%); fully withheld 326 fewer (down 71.2%).
Internal reviews in 2025: 87 (65 with an outcome: original decision upheld in full 53, upheld in part 7, overturned 5). Complaints to the Information Commissioner in 2025: 15.
The 20 day figure is out of the requests received, leaving out any put on hold or lapsed; the percentage is the Cabinet Office’s own, rounded. Resolvable requests are those not answered with advice alone or with “information not held”; any not granted or withheld had no response yet. Internal reviews and complaints to the Information Commissioner are published for whole years only.
All 39 bodies in the statistics, April to June 2026 →
Source: Cabinet Office, Freedom of Information statistics, April to June 2026 (Accredited official statistics). Contains public sector information licensed under the Open Government Licence v3.0.
Ministers’ meetings
Latest ministers’ meetings return: April to June 2026, published 24 September 2026.
Departments publish a quarterly return of ministers’ meetings with outside organisations on GOV.UK. A quarter is listed as missing once it ended more than three months ago; returns from January 2025 are checked.