Finance Bill 2021-22

Asked questions about the allocation of funds raised from national insurance increases, expressing concern over clarity on how much will go to social care and whether NHS cuts might follow. Emphasised the need for detailed planning and transparency.

Welcomed measures against tax avoidance schemes, specifically inquiring about progress on addressing loan charge issues involving large-scale promoters. Highlighted the importance of holding those responsible accountable.

Questioned the fairness of the Budget, criticising reductions in universal credit taper rates affecting millions and highlighting concerns over constituents going hungry. Raised issues regarding tax cuts for banks despite economic hardships faced by many.

The Opposition argues that the Finance Bill does not help people struggling with cost-of-living issues, cuts taxes for banks while raising them for working people and fails to set out a plan for economic growth. The Government's approach is seen as prioritising bankers over workers through tax policies.

Intervened to highlight that it is scandalous for the Government to only now agree to restore schools expenditure to its 2010 level despite a shortfall of £10 billion for catch-up measures. This highlights the need to invest in education and skills, which are crucial for improving productivity.

Intervened to stress that greater transparency is needed to deal with money laundering and identify property buyers openly. This would make it harder to hide illegal money laundered through property purchases.

Emphasised the importance of local pubs in supporting communities and bringing people together. Cited statistics showing a decline of over 22% in pub numbers since 2000, impacting community strength and social interactions.

Critiques specific clauses of the Finance Bill, including schedule 6 which cuts universal credit and increases national insurance while reducing pensions. Expresses concern over tax avoidance measures in Part 3 that may disproportionately affect low-risk businesses such as insurers. Calls for a comprehensive review of the UK's complex tax system to address economic crime. Emphasises the importance of a just transition to net zero emissions, criticising cuts to domestic air passenger duty and lack of support for green technologies. Also highlights Scotland's commitment to climate change goals versus limited action in the Finance Bill.

Ms. Ali argues that the tax cuts for banks undermine economic recovery, exacerbate poverty, and fail to address climate change adequately. She cites statistics such as a 4% GDP hit from Brexit and a 2% hit due to the pandemic, and highlights record levels of in-work poverty under the current government.

Mr. Western supports Ms. Ali's argument by drawing parallels with post-financial crash policies, suggesting that the lack of stimulus contrasts sharply with actions taken in other countries such as the US.

Mr. Grant criticises the Finance Bill for not addressing prosecutions and penalties against promoters of loan charges, arguing that victims of these schemes have been unfairly treated compared to perpetrators who made millions. He also highlights cuts to universal credit, pensions triple lock ending, and national insurance hikes as detrimental measures affecting low-income individuals and pensioners. Mr. Grant emphasises the real-terms cut in wages for low-paid workers due to inflation without corresponding adjustments to tax thresholds. Additionally, he points out a discrepancy where gaming duty thresholds increase more than inflation rates, benefiting casino operators at the expense of their employees.

Mr. McDonnell criticises the Finance Bill for not addressing climate change, continuing austerity measures, and failing to support levelling up initiatives despite previous promises from the Government. He raises concerns over tax reliefs and their impact on job creation in British shipping companies.

Ms Jardine criticises the Finance Bill, arguing that it does not support struggling families during a cost of living crisis. She highlights issues such as tax hikes for working families and insufficient funding for schools compared to tax cuts for banks. The speaker also points out the reduction in air passenger duty, which she sees as detrimental to efforts against climate change. She expresses disappointment at the lack of help with energy bills and support for businesses affected by pandemic-related closures and new trade barriers post-Brexit.

Ms. Cadbury opposes the Government's Finance Bill, arguing it fails to address cost-of-living issues, cuts essential support for families via universal credit, harms workers involved in illegal tax avoidance schemes, and undermines climate change efforts by reducing air passenger duty on short-haul flights.

Thomson criticises the Government for not adequately addressing the cost of living crisis. He highlights that increased national insurance hits low earners disproportionately and calls for more clarity on how funds raised will benefit social care. He also points out the need to integrate health and social care systems, which he believes the Government is failing to do. Thomson further argues against removing VAT reductions for hospitality businesses during a crucial period and advocates for waiving VAT on essential school uniforms. Additionally, he discusses labour shortages in key sectors of Scotland's economy, advocating for better immigration policies.

Ms. Abena Oppong-Asare criticises the Finance Bill for its failure to address the cost-of-living crisis, lack of growth, climate change, and tax burden on working people. She highlights that while the Bill includes measures such as cutting taxes on banks and making domestic flights cheaper, these do not align with the Government's commitment to net zero emissions.

Asked the Minister about what the bank tax rate would be if the surcharge was not reduced, indicating a concern over the increased burden on financial institutions.

Asked when the register of overseas entities owning UK property will be in place, highlighting concerns about property ownership transparency and anti-money laundering efforts.