MINISTERIAL RESPONSIBILITIESThe Chancellor has overall responsibility for the work of the Treasury. Public expenditure planning and control (including local authorities and nationalised industries finance); - Value for money in the public services, including Public Service Agreements (PSAs);
- Departmental Investment Strategies including Capital Modernisation Fund and Invest to Save budget;
- Public/Private Partnerships including Private Finance Initiative;
- Procurement policy;
- Public sector pay;
- Presentation of economic policy and economic briefing;
- Welfare reform;
- Devolution;
- Strategic oversight of banking, financial services and insurance; and
- Resource Accounting and Budgeting.
- Strategic oversight of taxation as a whole, including overall responsibility for the Finance Bill, closer working between Inland Revenue and Customs & Excise (including with other departments), and European and international tax issues;
- Departmental Minister for Inland Revenue and the Valuation Office;
- Personal taxation (except company car tax, savings and pensions), national insurance contributions and tax credits;
- Direct business taxation and tax aspects of the enterprise agenda, including: corporation tax, North Sea taxation, share schemes, small firms and venture capital;
- Capital Gains Tax;
- Inheritance Tax;
- Treasury interest in childcare issues;
- Regulatory Reform Minister for the Chancellor’s departments; and
- Welfare Reform Group (welfare fraud).
- Banking, financial services and insurance, and support to the Chief Secretary on the implementation of the Financial Services and Markets Act;
- Financial services tax issues, including ISAs, taxation of savings, Stamp Duty, Insurance Premium Tax and pensions;
- Foreign exchange reserves and debt management policy;
- Support to the Chancellor on EU issues;
- EMU business preparations;
- Economic reform in Europe;
- Responsibility for National Savings, the Debt Management Office, National Investment and Loans Office, Office for National Statistics, Royal Mint and the Government Actuary’s Department;
- Personal savings policy;
- Support to the Chief Secretary on public spending and productivity issues;
- Support to the Paymaster General on the Finance Bill;
- Womens’ issues; and
- Departmental Minister for HM Treasury.
- Departmental Minister for Customs and Excise;
- Environmental issues, including tax and other economic instruments, urban regeneration and transport taxes, including climate change levy, aggregates levy, landfill tax, road fuel (and other mineral oil) duties, taxation of company cars, vehicle excise duty, air passenger duty;
- VAT; alcohol and tobacco duties; betting and gaming taxation;
- Support to the Paymaster General on the Finance Bill;
- Productivity and enterprise (working with PMG on tax issues);
- Competition and deregulation policy;
- Science, research and development;
- Export credit;
- Welfare to Work and social exclusion issues;
- Charities and charity taxation;
- Support to the Chancellor on international issues; and
- Support to the Chief Secretary on public spending issues (including Parliamentary financial business, Public Accounts Committee, National Audit Office and general accountancy issues).
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