HM Treasury
| Use attributes for filter ! | |
| Employees | DMO |
|---|---|
| Department executive | Tom Scholar |
| Permanent Secretary to the Treasury | |
| Child Department | UK Debt Management Office |
| Headquarters | London |
| United Kingdom | |
| Number of employees | 1,169 |
| Officeholders | Sajid Javid |
| Robert Jenrick | |
| Date of Reg. | |
| Date of Upd. | |
| ID | 1364739 |
About HM Treasury
Her Majesty's Treasury, sometimes referred to as the Exchequer, or more informally the Treasury, is the British government department responsible for developing and executing the government's public finance policy and economic policy.
Taxpayers to pay £40bn due to threshold freeze, think tank says
... A spokesperson for Hm Treasury said taxes were lower in the UK than " any major European economy, despite the difficult decisions we ve had to make to restore public finances after the dual shocks of the pandemic and Putin s illegal invasion of Ukraine"...
Nigel Farage launches fresh attack over Coutts bank closure
... A Hm Treasury spokesperson said: " It would be of serious concern if financial services were being denied to anyone exercising their right to lawful free speech...
HS2: Government unclear on Euston station goal, report finds
......
Finance delays for divorcing teachers and NHS staff as pensions recalculated
... Hm Treasury says it announced changes to the way public sector pension CETVs should be calculated on 30 March...
Bring back duty-free perk to boost London - mayor
... An Hm Treasury spokesperson said the chancellor was prioritising being " responsible" with public finances...
Chancellor branded 'Mr Bean' for inflation video
......
Interest-free loan scheme aims to reach 20,000 people
... 8m committed from Hm Treasury, £1...
Rishi Sunak accused of wasting £11bn servicing government debt
... " A Treasury spokesman said: " There are long-standing arrangements around the asset purchase facility - to date £120bn has been transferred to Hm Treasury and used to reduce our debt, but we have always been aware that at some point the direction of those payments may need to reverse...
Rishi Sunak accused of wasting £11bn servicing government debt
Rishi Sunak has been accused of failing to act soon enough to save £11bn of taxpayers' money that has been used to pay interest on Government Debt .
The National Institute of Economic and Social Research (NIESR) Said the losses stemmed from the chancellor's failure to insure against interest rate rises.
It meant higher than necessary payments on £900bn of reserves created through the quantitative easing (QE) programme.
The Treasury Said it has " a clear financing strategy" on debt.
The NIESR's Professor Jagjit Chadha , that Mr Sunak's actions had left the country with " an enormous bill and heavy continuing exposure to interest rate risk".
According to the FT report, The Bank of England (BoE) created £895bn of money through quantitative easing, most of which was used to buy government bonds from pension funds and other investors.
When those investors put the proceeds in Commercial Bank deposits at The Bank , it had to pay interest at its official interest rate.
Last Year , when the official rate was still 0. 1%, the NIESR - an economic research group - Said the government should have insured the cost of servicing this debt against The Risk of rising interest rates.
It suggested converting The Debt into government bonds with longer to pay it back.
Prof Chadha Said Mr Sunak's failure to do this had cost taxpayers £11bn.
" It would have been much better to have reduced the scale of short-term liabilities earlier, as we argued for some time, and to exploit the benefits of longer-term debt issuance, " he told the FT.
'Fast and loose'Labour's shadow treasury minister Tulip Siddiq Said : " These are astronomical sums for the chancellor to lose, and leaves Working People picking up the cheque for his severe wastefulness while he hikes their taxes in The Middle of a cost-of-living crisis.
" This government has played fast and loose with taxpayers' money. Britain deserves a government that respects public money and delivers for people across the country. "
A Treasury spokesman Said : " There are long-standing arrangements around the asset purchase facility - to date £120bn has been transferred to Hm Treasury and used to reduce our debt, but we have always been aware that at some point the direction of those payments may need to reverse.
" We have a clear financing strategy to meet the government's funding needs, which we set independently of The Bank of England's Monetary Policy decisions.
" It is for the [Bank's] Monetary Policy Committee to take decisions on quantitative easing operations to meet the objectives in their remit, and we remain fully committed to their independence. "
Source of news: bbc.com
