Finance Bill - Various clauses supporting British business and simplifying tax system

Supports the Minister's position on creative industries, noting that they secure thousands of jobs and enhance soft power around the world. Emphasises the importance of continued support for these sectors.

Opposes changes to orchestra tax relief, arguing that they risk making European touring financially unviable. Cites concerns from the Association of British Orchestras regarding the unnecessary and damaging impact on orchestral funding.

Critiques the Conservative government's economic policies, highlighting issues such as high taxes and a lack of long-term planning. He supports individual measures in the Bill but criticises the overall instability and short-sightedness of fiscal policy under the current government.

[INTERVENTION]: Emphasises the need for clarity in cultural tax reliefs, particularly concerning orchestras. She requests that her point about uncertainty regarding eligibility requirements under new expenditure rules be raised with the Minister during Committee discussions.

[INTERVENTION]: Questions whether Labour's borrowing plans will lead to soaring debt and a breach of their fiscal rules, despite supporting the Bill today.

Ms. Baldwin criticises the Labour Party for not proposing concrete economic policies and highlights their proposed additional borrowing of £28 billion. She argues against Labour's non-dom taxation proposal, stating it would result in a net loss to tax revenue, and opposes the VAT on school fees policy as regressive and unhelpful. Ms. Baldwin supports the Financial Secretary’s efforts towards simplifying the tax system and commends measures that reduce national insurance burden while endorsing further simplification opportunities such as abolishing the child benefit taper and addressing high marginal tax rates for families with children.

Ms. Keeley intervenes to correct Harriett Baldwin's statement that there was nobody on the Labour side of the House, thereby challenging the Conservative MP’s assertion about lack of opposition engagement.

Ms. Abrahams questions the progressiveness of the autumn statement, highlighting that while richer households will benefit by £1,000 on average by 2027, the lowest-income households will gain only £200.

Mr. Drew Hendry criticises the Finance Bill for not addressing key issues such as mortgage arrears, energy costs, and public sector cuts. He highlights that councils are at risk of bankruptcy due to lack of funding and cites figures from the Office for Budget Responsibility on public spending cuts in England. He also emphasises Scotland's block grant reduction and economic contraction.

Welcomes the Bill, particularly Clause 1 which allows full expensing of expenditure on plant and machinery. He argues that this measure will encourage greater capital investment across the UK economy but also calls for a review of existing tax rules to simplify them. Raises questions about the treatment of buildings versus plant and machinery and loss carry-forward restrictions.

Opposes the Bill, arguing that it does not address the cost of living crisis or help households. Criticises tax hikes and lack of support for NHS, creative industries, and energy sector. Calls for a windfall tax on oil and gas producers to fund support measures.

Announced the results of deferred Divisions. For the draft Representation of the People (Overseas Electors etc.) (Amendment) Regulations 2023, the Ayes were 325 and the Noes were 154; for a second vote on the same regulation, the Ayes were 324 and the Noes were 186. For the draft Equality Act 2010 (Amendment) Regulations 2023, the Ayes were 464 and the Noes were 11.

Williamson supports Priti Patel's call for reviewing and slimming down R&D tax credits to make it easier for small businesses to embrace them.

Mr Syms supports the Government's economic plan, highlighting the importance of productivity improvement through higher pay and investment incentives. He criticises Labour for their previous policies on non-doms, suggesting that taxing internationally mobile individuals is counterproductive. Mr Syms also notes the positive impact of recent measures such as increasing the living wage and the triple lock pension scheme, while cautioning against over-reliance on short-term economic data.

Mr Evans briefly echoed a tribute to Alistair Darling, former Labour Chancellor of the Exchequer, recognising his competence and modesty during a challenging period. He did not provide substantial arguments on the bill's clauses or amendments but acknowledged Mr Darling's role in managing financial crises.

Expresses concern about proposed VAT on education fees which would impact independent schools, including those for special educational needs. He argues against imposing additional financial burdens on such institutions and seeks assurances from ministers regarding support for excellence in diverse sectors of education. Emphasises positive trends in youth unemployment under the current government and supports measures to tackle tax avoidance schemes and abolish the lifetime allowance charge, noting benefits for NHS professionals and small businesses. Criticises proposed policy changes that would create financial disincentives at certain income levels, advocating for a more nuanced approach to taxation. Suggests improving fiscal transparency by integrating financial implications into policy decisions.

Siddiq criticises the Government's tax policies, arguing that they lack stability for businesses and do not address issues like lagging private sector investment compared to international competitors. She supports specific measures in the Bill such as full expensing for businesses but overall opposes the economic plan of the current government.