Finance Bill 2023-24 - Clause 1

Mr. Huddleston proposed amendments to Clause 1 of the Finance Bill, including requiring the OBR to publish reports on fiscal rules and impacts on net zero targets when significant measures are announced.

Ms. Ghani supported the amendment, suggesting further amendments that would broaden definitions of fiscal significance and include impacts on government borrowing and interest rates.

Mr. Griffith interjected to support the importance of financial responsibility highlighted by Ms. Ghani, questioning if an impact assessment was published for changes to winter fuel allowance.

Mr. Sandher delivered a maiden speech focusing on the challenges facing his constituency and the need for investment in green transition, without directly addressing the amendments.

Critiques the Bill as political theatre and disreputable. Questions if constituents expect MPs to give away responsibilities. Highlights potential issues with defining 'costing' and what constitutes a fiscal measure, citing examples like income tax and bank holidays. Emphasises the need for proper scrutiny and transparency in government decisions.

Responds to Andrew Griffith's speech by mentioning her own amendment regarding trade deals. Questions his previous actions while in government, noting that information for trade deals was not published then.

Agrees with Griffith's emphasis on transparency but argues that setting up a quango like the OBR will not make governments behave better or govern more effectively.

Supports the legislation but seeks to probe it with amendments. Argues that private finance initiatives (PFI) are a significant fiscal concern, causing long-term debt burdens and draining public finances. She emphasises the need for independent assessment of cumulative spending on PFI projects to ensure better-informed decisions in future.

Intervenes to suggest that the amendments would fetter the discretion of Labour Front Benchers, questioning their confidence in their own leadership.

The Liberal Democrats support strengthening the Bill to prevent future economic disasters like the mini-Budget. They propose broadening the definition of 'fiscally significant measures' and enhancing scrutiny mechanisms, such as notifying the independent adviser on Ministers’ interests under certain conditions. The amendments aim to ensure transparency and accountability in fiscal decision-making.

Offered procedural advice on how Members can signal their intention to speak during the debate, without taking a clear stance for or against any specific amendment.

As a newly elected Member of Parliament for Portsmouth North, Amanda Martin highlights the importance of fiscal standards in light of rising housing costs and economic struggles faced by her constituents. She draws on her personal background, emphasising her working-class roots and commitment to public service. Martin advocates for policies that support children and young people from all backgrounds, aiming to bring down barriers to opportunity and tackle child poverty. She also pays tribute to Portsmouth's rich history of innovation and firsts, while expressing the need for change in areas such as education funding, healthcare appointments, youth services, high streets, and housing.

Expresses concern over the Chancellor's actions which make life harder for the poorest families, removes pensioners' winter fuel allowance. Criticises Labour's claim of no austerity as a contradiction to their previous stance during the election. Argues that the Bill does not protect communities from budget cuts and fiscal decisions made by the Treasury. Highlights the lack of meaningful protection offered by the Bill against bad fiscal policies.

Introduced himself as a Labour MP supporting fiscal responsibility, crediting his party for wise management of taxpayers' money. Emphasised his personal connection to Swindon and its history, highlighting the town's potential for green growth and high-skilled jobs. Mentioned local challenges such as knife crime and raw sewage issues but expressed confidence in addressing these through the Labour agenda outlined in the King’s Speech.

The hon. Member supports the new Beaulieu Park station, emphasising its importance to constituents and advocating for a simplified rail ticket system. She praises her predecessor's work on the project and highlights Chelmsford’s history in science and technology, while expressing concern about the state of education funding.

Introduced himself as Southend East and Rochford's first ever Labour representative. Described his constituency’s rich history and cultural heritage, focusing on tourism as its primary industry. Highlighted the area's military legacy and economic challenges post-covid pandemic. Emphasised the need for a regional policy to build on existing assets and create a year-round economy through modern technology and green energy.

Will Forster supports the Local Government Finance Bill due to the severe financial crisis facing Woking borough council, which was left with £2 billion of debt by the Conservatives. He argues that without support from the new government, the situation will worsen, affecting constituents who are not at fault. He highlights issues such as negative equity, service cuts, and unsustainable debt repayments. Forster emphasises the need for assistance to ensure community recovery and thriving.

Mr Richards highlights the deep apathy towards politics and the rise of disinformation, conspiracy theories, and division. He mentions increasing levels of self-harm, suicide, homelessness, and long waiting lists for mental health support among young people in Rother Valley. He also speaks about community resilience following a violent incident at a local hotel, emphasising unity and understanding.

Emphasised a strong sense of social justice. Paid tribute to his predecessors and highlighted the importance of the Royal Berkshire hospital for his constituents. Discussed local issues such as the need for rebuilding the hospital, economic challenges faced by town centres due to the cost of living crisis, and the impact of business rates on local retailers. Mentioned successful brewing sector and life sciences businesses in Wokingham. Praised volunteers and charities working to improve residents' lives.

The speech was an introduction and did not address the specific amendment. It focused on the speaker's background, her constituency of Dudley, its heritage, economy, and healthcare system.

Proposed Amendment 5 to require the OBR to report on climate impacts of fiscal decisions. Argued that economic and climate policies are interlinked, advocating for transparency in how fiscal choices affect net zero targets.

Ms. Edwards supports the Bill, emphasising its importance in preventing economic instability similar to that caused by the former Truss Government's mini-Budget. She highlights the necessity of up-to-date economic forecasts published alongside fiscal decisions for public trust and market confidence. She stresses her commitment to economic stability as a prerequisite for growth and outlines plans to drive regeneration and investment in Rochester and Strood, addressing issues such as high deprivation levels and lack of infrastructure.

Mr. Fred Thomas spoke about the spirit and resilience in his community, highlighting various local initiatives aimed at improving life for residents. He addressed issues such as child poverty, healthcare pressures at Derriford hospital, and access to sport. Mr. Thomas also emphasised Plymouth's military heritage and its importance to national security, calling for better recognition and support from the Government.

Provided an introduction about her constituency and background. Mentioned the importance of service and fairness in her family and career experiences.

Mr Turner interjected to support the Bill, emphasising its role in preventing economic recklessness and ensuring stability after the previous Government's actions.

Mr Griffith intervened to ask if there were plans to change fiscal rules, suggesting potential concerns about current fiscal practices.

Ms Chowns questioned whether the OBR should take net zero targets into account when preparing reports on fiscally significant announcements, emphasising relevance to climate mandates.

He expressed disappointment with the Minister's refusal to accept fiscal rules amendments. He argued that Labour's economic record is worse than inherited from previous governments, citing higher unemployment and inflation rates under Labour compared to Conservative records. Huddleston also pointed out additional spending pledges by Labour amounting to £25 billion. Additionally, he congratulated new Members on their maiden speeches.

He reminded that economic stability is crucial for growth and criticised unfunded fiscal commitments. He urged Conservatives to reflect on their loss of credibility over economic competence. Jones also expressed gratitude to colleagues and officials for supporting the Bill’s passage.

He criticised Labour's economic record, highlighting nine acts of vandalism in just nine weeks including pensioner cuts and infrastructure cancellations. He questioned whether Labour would raise taxes and cut investments further.