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The proposed clause will strengthen regulatory oversight of insurance firms by mandating them to report more detailed financial information. This includes breaking down long-term liabilities into smaller time periods, which can help identify potential solvency issues early on.
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He questioned why it had taken until now for the Government to table such a large, complex amendment without prior consultation.
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Asked whether the purpose of the new tax was to discourage certain types of behaviour rather than raising revenue.
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Proposes new clause 6 to require the government to assess and report on how measures in the Finance Bill affect household finances, tax payments for working people, and economic growth. Criticises the national insurance hike as wrong timing and proposes its cancellation. Highlights wasted public funds, calls for a register of beneficial owners of overseas entities owning UK property, raises concerns about cladding remediation costs being shifted to leaseholders.
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Questions the speaker's argument regarding banking taxes, suggesting that they will actually rise rather than fall as claimed.
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Defends the national insurance hike as necessary for addressing healthcare backlogs arising from the pandemic.
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Supports James Murray's critique of wasted public funds and the unfulfilled promise to boost NHS funding upon leaving the EU.
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Supports new clause 2, advocating for more training opportunities for ratings in the maritime sector. Argues that extending tax incentives to include all seafarers is crucial for economic growth and levelling up coastal communities. Highlights current issues with cheaper labour recruitment from abroad and advocates for a post-Brexit approach focusing on fairness and supporting domestic workers.
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Ms. Thewliss criticises the lack of climate change action in the Finance Bill, highlighting Scotland’s more ambitious targets and achievements in renewable energy. She also questions the effectiveness of the public interest business protection tax and calls for urgent reforms to tackle economic crime.
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Mr Morris supports new clause 2, which aims to review the impact of tonnage tax on employment and training for British officers and ratings. He highlights the decline in UK-based seafarer jobs and argues that the Bill should not be used to attract flags of convenience ships without corresponding adjustments for seafarer jobs and skills. Mr Morris also supports amendment 34, which seeks to provide the Secretary of State with powers to consult maritime trade unions over compliance with environmental safety on non-UK flagships.
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The Government’s policies amount to a sharp widening of all types of inequality, which are already among the widest in western Europe. The latest annual data from the ONS shows that average household income varies dramatically between Kensington and Chelsea (£63,000) and Sunderland (£16,000). Ministers seem unaware of huge disparities within regions. A recent report from the Resolution Foundation found one third of all those aged 24 or under returning to work in insecure, lower paid or zero-hours work.
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I mentioned new clause 3 and new schedule 2 earlier, but “schedule” is a misnomer here. We are not talking about a schedule; we are in effect talking about the “Finance No. 3 Bill”, 25 pages long and intensely complicated. This is our one and only chance to get it right and none of us can feel comfortable that it was tabled on Monday, debated on Wednesday, and comes into force on Friday.
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Defended the Government's stance on various proposals including tax cuts for low-income families through the universal credit taper rate and the national living wage increase. Emphasised the £2 billion spent to help young people enter jobs through the kickstart scheme. Rebutted opposition claims by citing the significant economic support provided during the pandemic, such as £150 billion cash increases in the spending review and £40 billion of overall investment from the UK Infrastructure Bank for net zero initiatives.
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The speaker criticises the Finance Bill for failing to address cost-of-living pressures and instead offering tax cuts to banks while increasing national insurance taxes. He also highlights the lack of transparency in overseas property ownership and raises concerns over cladding remediation costs for leaseholders.
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The speaker thanks all those involved in the proceedings but expresses disappointment with the bill, citing its failure to tackle economic crime and money laundering effectively. She also notes a missed opportunity for net-zero initiatives post-COP26. The SNP opposes the bill due to its perceived detachment from ordinary people's problems.