HM Treasury is responsible for formulating and putting into effect the UK Government’s financial and economy policy.
It aims to raise sustainable economic growth, improve the prosperity of the nation, creating economic and employment opportunities for all. The Treasury works to achieve economic stability, low inflation, sound public finances, efficient public services and a more productive economy.
The Treasury promotes a fair and efficient tax and benefit system. Income taxes, value added tax and customs duties are collected by the newly-created HM Revenue and Customs (formerly the Inland Revenue and HM Customs and Excise). A system of tax credits to provide incentives to those in work has also been developed. The Treasury provides tax relief to encourage people to save.
In May 1997 the Government gave the Bank of England operational independence to set monetary policy by deciding the short-term level of interest rates to meet the Government’s stated inflation target.
The Treasury has a strategic oversight of banking, insurance and financial services and is responsible for the Government Accountancy Service which brings professional accountants in government together.
The Treasury is also the lead department on government statistics, which are independently produced by National Statistics.
Here is a list of ministers who work for HM Treasury.
Chancellor of Exchequer
Rt Hon Alistair Darling MP has overall responsibility for the work of the Treasury.
Parliamentary Secretary to the Treasury and Chief Whip
Chief Secretary to the Treasury
Responsibilities:
- Responsibility for public expenditure including:
- Spending reviews and strategic planning;
- In-year control;
- Public sector pay and pensions;
- Efficiency and value for money in public services
- Capital investment; and
- Public service delivery and performance.
- Treasury interest in devolution;
- Assist the Chancellor where necessary on International and European issues; and
- Oversight of integration of the tax and benefit system
Financial Secretary to the Treasury
Rt Hon Jane Kennedy MP
Responsibilities:
- Strategic oversight of the UK tax system as a whole including direct, indirect, business and personal taxation;
- Tax credits and integration of the tax and benefit system;
- Departmental Minister for HM Revenue and Customs and the Valuation Office Agency;
- Overall responsibility for the Finance Bill;
- Lead Minister on European and international tax issues and assist where necessary on broader European issues;
- The voluntary sector, charities, including Corporate Social Responsibility;
- Treasury interest in childcare issues; and
- Support to the Chief Secretary on public spending issues and selected Cabinet Committees
Exchequer Secretary
Angela Eagle, MP
Responsibilities:
- Enterprise and productivity including small business taxation and support to the Chancellor on economic reform;
- Competition and better regulation;
- Science, innovation and skills policy, including implementation of the 10-year science and innovation strategy and the R&D tax credit;
- Regional economic policy;
- Urban regeneration and social exclusion including housing, planning and planning gain supplement;
- Environmental issues including taxation of transport, international Climate Change issues including global carbon trading and EU ETS, and Energy Issues
- Taxation of oil;
- Excise duties and gambling, including excise fraud and law enforcement;
- Public/Private Partnerships including Private Finance Initiative, and Partnerships UK;
- Ministerial responsibility for the Office for National Statistics, the Royal Mint and Departmental Minister for HM Treasury Group;
- Working with the Chief Secretary with responsibility for the Office of Government Commerce and procurement policy;
- Support to the Chief Secretary on public spending issues including long-term challenges in the run up to the Comprehensive Spending Review and selected Cabinet Committees;
- Assist where necessary on European issues; and
- Working with the Financial Secretary on the Finance Bill
Economic Secretary
Kitty Ussher MP
Responsibilities:
- Financial services policy including: city competitiveness, wholesale and retail markets in the UK, Europe and internationally, financial crime, financial inclusion and capability the Financial Services Authority and the Treasury’s responsibility for mutual legislation.
- Financial services tax issues including taxation of savings and pensions;
- Personal savings policy;
- Stamp duty land tax and REITs;
- Foreign exchange reserves and debt management policy, with responsibility for National Savings and Investment, the Debt Management Office and the Government Actuaries Department;
- Support to the Chancellor on EU and wider international finance issues, in particular EU Budget;
- EMU preparations;
- Support to the Chief Secretary on public spending issues including long-term challenges for public spending and preparation of the Comprehensive Spending Review and selected Cabinet Committees;
- Support to the Chancellor on macroeconomic and economic policy issues; and
- Working with the Financial Secretary on the Finance Bill
Minister of State with responsibility for revenue protection at the border
Liam Byrne MP
Responsibilities:
- Responsible for the operational delivery of the UK Border Agency’s (UKBA) revenue protection functions;
- Delivery of targets covering revenue protection and the examination of goods at the frontier; and
- Liam Byrne will work closely with his Treasury ministerial colleagues to shape effective operational policy, based on the UKBA’s experience of implementation
Contact department
You can e-mail Ministers by visiting the HM Treasury website or you can write to them at the following address:
HM Treasury
1 Horse Guards Road
London
SW1A 2HQ
Switchboard: 020 7270 5000
Public Enquiries: 020 7270 4558
You can also email public enquiries at the following address public.enquiries@hm-treasury.gov.uk
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