Finance Bill (not specified in provided text) - Schedule 6 - Administration of creative sector reliefs, New clauses 1 to 7

Mr. Roger Gale proposed new clauses to require the Chancellor to conduct reviews on various aspects of the Finance Bill, including fraud prevention measures, implementation costs for R&D reliefs, impact assessments, and public health effects. He emphasised the need for transparency and evidence-based policy-making to ensure effective use of taxpayers' money.

Mr. James Murray argued that permanent full expensing is crucial for business investment and economic growth, citing Labour's commitment to maintain it if they win the next election. He also questioned the Conservatives' approach to corporation tax rates and called on them to commit to maintaining current tax policies.

Mr. Richard Fuller interjected, questioning Labour's stance on cutting corporation tax if the US lowers its rates under Mr. Trump's administration.

Supports new clause 5 to encourage investment in UK generating capacity. Worries it may not go far enough and suggests further review of tax impositions on energy. Highlights need for grid and cable investment due to increased electrification. Also calls for reviewing fiscal strategy's impact on equalities, investment, corporate sector, and inequalities. Asks Chancellor to review losses at Bank of England and productivity declines in public services post-lockdown. Suggests the issue is cross-party and involves billions of pounds.

[INTERVENTION] Asks John Redwood if Bank of England can unilaterally decide to crystallise losses on bonds, affecting Chancellor's calculations and fiscal decisions. Suggests this sounds undemocratic.

Points out that new clause 5 does not address the cost-of-living crisis affecting constituents. Emphasises that while it exempted renewable projects from electricity generator levy (EGL), more consistent policies are needed to enable business investments in green energy.

[INTERVENTION]: Adds that delivery charges and other costs further exacerbate cost-of-living issues in rural areas.

Expresses sympathy with King Charles. No position on the amendment/clause.

Supports Government amendments for full expensing, tax cuts to drive growth, R&D relief simplification, and support for loss-making SMEs. Welcomes sunset clauses extension, creative sector tax cuts, and hopes for VAT reduction in tourism and hospitality.

Critiques Bill's failure to address cost-of-living crisis, investment in public services, and economic growth. Concerned with instability in R&D tax relief regime. Supports exemption of new plant investments for renewables but argues it does not help household energy prices.

Shannon expressed support for the principle of raising public sector pay but highlighted concerns over increasing taxes during a period when many are struggling. He emphasised Northern Ireland's pursuit of removing air passenger duty as a means to enhance connectivity and attract international business investment. Shannon argued that the current increase in APD is disappointing, suggesting an overhaul of funding formulas for Northern Ireland similar to Wales' system would be beneficial.

Gale intervened to remind Shannon that they were discussing specific Government new clauses and amendments. He emphasised the need for focus on the matter at hand, suggesting a broader debate could take place during Third Reading.

Mr. Shannon interjected to ask for action regarding a request he had made previously, indicating his dissatisfaction with the response from the Minister.

The Opposition welcomes some measures but criticises provisions like the freezing of taxes for private jet passengers while hiking them for everyone else. They are concerned about rushed legislation creating unintended consequences, such as those affecting pension schemes without lifetime allowances. The Opposition argues that 14 years of Conservative economic failure have left Britain worse off and unable to boost growth.

The measures in the Finance Bill are pro-growth and pro-supply side, leading to a fall in inflation. The speaker appreciates the hard work of Treasury officials but is concerned about HMRC's workload with unfreezing thresholds and implementing changes such as fractional shares in individual savings accounts.

The Finance Bill does nothing to help people struggling with the cost of living crisis. It fails to address issues like rising mortgage payments, rent, and food and energy bills due to Brexit and government inaction on energy prices.

The speaker highlights that new clause 4 is crucial for assessing the health impacts of government policies, especially in relation to regional inequalities and protected characteristics. She cites evidence from reports like 'The Spirit Level' and 'Fair Society, Healthy Lives', arguing that socioeconomic inequalities contribute significantly to public health issues. The amendment aims to provide transparency and help monitor commitments towards levelling up health disparities across regions.