HM Treasury has announced the launch of the ‘Sterling 20’, a new investor-led partnership between 20 of the UK’s largest pension providers and insurers, aimed at directing pension capital towards housing, infrastructure and high-growth sectors. The initiative, to be formally launched at the first Regional Investment Summit in Birmingham on 21 October 2025, will work with the government and the City of London Corporation to channel pension savings into key areas of the economy, including AI and fintech. Legal & General has committed £2bn by 2030 to deliver around 10,000 affordable homes and support the creation of 24,000 jobs, while Nest intends to provide Schroders Capital with £500m, with £100m expected to be channelled into UK investments in the coming years and £40m for broadband expansion in rural Scotland and northern England. Chancellor of the Exchequer, Rachel Reeves, said the initiative aims to get Britain building again, bringing together savings, investors and regions to deliver the homes, infrastructure and industries that will drive growth.

HM Treasury has concluded its call for evidence on the pension fund clearing exemption, which ran from 13 November 2023 to 5 January 2024. After receiving 26 responses and engaging with UK regulatory authorities, the government has decided to maintain the exemption for the longer term. Legislation will be introduced to prevent the exemption's expiration on 18 June 2025 and remove any further time limit. This decision aims to provide a long-term approach to the exemption of pension funds from the obligation to clear certain derivatives contracts, though the policy will remain under review in coordination with UK regulatory authorities.

The government has responded to the Committee of Public Accounts (PAC)’s 77th report of session 2024–26 on accountability in small public bodies, agreeing to all five sets of recommendations. The Cabinet Office confirmed its 2025 public bodies review remains ongoing, with initial efforts focused on merging large bodies into departments. It commits to providing annual updates to the PAC until the review concludes, followed by a comprehensive final report detailing remaining public bodies and plans for continuous review. HM Treasury wrote separately to the PAC on 26 June 2026 setting out options for streamlining financial reporting for small, low-risk bodies, with a further update anticipated. The Cabinet Office is also reviewing functional standards to ensure they apply proportionately to smaller organisations lacking in-house specialist expertise, and will update guidance on establishing new public bodies to require proportionate reporting and governance assessments. A pipeline for arm's-length body onboarding to shared corporate services is anticipated by end of 2026.

HM Treasury has published a policy paper outlining a new approach to ensure that regulators and regulation support growth. The paper addresses challenges in the current regulatory landscape, such as complexity, high administrative costs, and excessive risk aversion, which hinder growth and private sector investment. It compares the UK's regulatory system unfavourably with those of countries like Singapore and Australia. The proposed vision includes a reformed regulatory system that supports growth, is targeted and proportionate, transparent and predictable, and adapts to innovation. The paper details three main actions: tackling complexity and the burden of regulation, reducing uncertainty across the regulatory system, and challenging excessive risk aversion. It also emphasises the importance of economic regulation for growth and outlines the scope of reforms across various sectors, highlighting the need for system-wide reforms to simplify the regulatory structure, ensure proportionate regulation, drive regulator performance, and clarify the purpose and duties of regulators.

HM Treasury has launched a consultation seeking views on removing Climate Change Levy (CCL) costs from electricity used in electrolytic hydrogen production, following commitments made in Spring Statement 2025. The consultation, which closes on 7 May 2025, aims to determine the optimal legislative approach for implementing this change while avoiding unintended consequences. It also seeks input on a broader review of CCL to ensure alignment with evolving energy landscape and net zero objectives.

HM Treasury (HMT) has published its consultation response on the regulation of buy-now, pay-later (BNPL) products, detailing the government’s proposals to bring BNPL agreements into the Financial Conduct Authority’s (FCA) regulatory remit. The new measures will allow the FCA to apply rules on affordability and creditworthiness checks, ensure consumers have prompt access to refunds, and grant consumers the right to escalate complaints to the Financial Ombudsman Service (FOS). To implement these changes, the Government has laid before Parliament a draft statutory instrument (SI): the Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025. Once enacted, the FCA will have 12 months to draft, consult on, and finalise its rules for BNPL lending. Regulation of BNPL products is expected to commence around mid-2026. The FCA will publish a consultation on its proposed rules for BNPL regulation in the near future.

On 20 May 2026, HM Treasury published a policy paper titled Getting Britain Building: Reforming Judicial Review for Infrastructure. The paper outlines proposed reforms aimed at speeding up the delivery of nationally significant infrastructure projects (NSIPs), particularly major clean energy schemes, by reducing delays caused by judicial review challenges.

HM Treasury has published rules for the 2025 Mortgage Guarantee Scheme. The scheme is designed to support the continued availability of 91–95% loan-to-value mortgages. Under the scheme, participating lenders receive a government-backed guarantee that insures them against a portion of potential losses on these high loan-to-value mortgages. It also includes provisions for claims, recoveries, and dispute resolution, with the Treasury retaining the authority to amend rules or terminate participation. This initiative enables eligible first-time buyers and home movers across the UK to purchase homes with deposits as low as 5%. The rules also include specific provisions for Scotland and Northern Ireland, along with data protection and confidentiality obligations.

HM Treasury has published its 2025 National Risk Assessment (NRA) of Money Laundering and Terrorist Financing. The report highlights that the UK’s open, globally connected economy—while a strength—also makes it vulnerable to abuse by criminals and terrorists. Key threats include fraud, cybercrime, drug trafficking, tax evasion and the misuse of cryptoassets, property and corporate structures. The report emphasizes the growing complexity of money laundering typologies, including trade-based laundering, informal value transfer systems and the use of professional enablers. Terrorist financing threats are also evolving, with funds often raised through legitimate means and transferred via digital platforms or informal networks.

HM Treasury has published a ‘Dear Accounting Officer’ (DAO) letter, providing detail on the parliamentary expectation of transparency. The letter asks accounting officers to ensure that relevant staff in their organisations have knowledge of the guidance in this DAO 01/24, which discusses good practice for transparency between accounting officers of central government departments and Parliament and specific aspects of hearings and reports of the Public Accounts Committee.

HM Treasury has published its first Economic Crime Levy report for 2023-24 detailing the collection and spend for the financial year 2023/24. Enacted under the Finance Act 2022 and administered by HMRC, the Financial Conduct Authority (FCA), and the Gambling Commission, the levy is paid by entities subject to the Money Laundering Regulations 2017 to help fund on-going initiatives to tackle money laundering. When introduced, the levy was intended to raise £100m per year. Following lower-than-expected receipts and changes to levy rates at Spring Budget 2024, it is now expected to raise around £115m per year from April 2024 onwards. This first report provides a breakdown of how the levy was collected and spent in the financial year 2023-24 (allocated across six key deliverables that include investment in technology, hiring financial crime investigators, and funding specialist intelligence teams). Subsequent reports will be published on an annual basis to provide detail on the levy’s operation each year. Collection adjustments are scheduled for 2025/26 and a review due by the end of 2027.

HM Treasury (HMT) has published a Good Practice Guide on reporting under the Task Force on Climate-related Financial Disclosures (TCFD) framework for the 2025–26 period. The guide is intended to support central government organisations in implementing the framework ahead of the final stage of mandatory ‘comply or explain’ requirements in 2025–26 annual reports and accounts. Building on HMT’s phased rollout from 2023–24, the guide provides practical examples and insights across four areas: governance, strategy, risk management and metrics and targets. It also identifies common pitfalls and effective disclosure approaches and explains considerations relating to the ‘comply or explain’ mechanism to assist organisations in delivering transparent and decision-useful climate-related disclosures.