Finance (No. 2) Bill 2025-12-16

Mr. Stuart questioned whether the Exchequer Secretary's assurances about capital budgets apply to both public and private sectors, citing CBI Economics research suggesting severe reductions in private sector investment.

Ms. Lockhart criticised the Finance Bill for decimating family farms across the UK due to tax changes, expressing concern that farmers might be better off dying than seeing their family farms break up under new policies.

In response to Ms. Lockhart’s concerns, Mr. Tomlinson detailed the Government's considerations and changes made regarding agricultural property relief and business property relief, including an additional £1 million allowance transferable between spouses.

Mr. Doogan questioned whether it was the Government’s intention to increase unemployment by 25% due to their jobs tax, highlighting that in Scotland, the national living wage increase is less than the Scottish living wage.

Mr. Rodda commended the Minister for supporting vulnerable children and families in Reading through measures such as frozen rail fares, continued bus fare subsidies, and economic measures driving growth across the country.

Mr. Dowden challenged the Government’s claim that employment will rise every year despite tax changes affecting job stability in his constituency; he cited local businesses shifting to self-employment or laying off staff.

Mr. Moore questioned the impact of the Budget on hospitality businesses, noting that UKHospitality calculated an additional £13,690 per annum for his constituency's businesses over the next three years.

Mr. Ryan welcomed funds provided to Lancashire county council and mentioned the benefits of a stamp duty reserve holiday for new listings, which he believes will support newly listed companies.

Concerns were raised about the impact of budget changes on farming communities. Since last year's Budget, 49% of farm businesses have paused or cancelled planned investment, 10% have downsized operations, and 21% intend to do so before next April. The speaker questioned what steps the Government would take to restore confidence in farming and promote growth in rural areas.

The Minister addressed concerns by stating that only a small proportion of estates will be affected by changes to agricultural property relief, noting the reduction from 520 to 375 estates annually. He emphasised that the government is focused on driving investment and growth in rural communities despite the challenges.

Concerns were expressed about the impact of changes to business property relief, citing an example from a local business that faces significant tax liabilities. The speaker argued that these measures could put jobs at risk in his constituency.

The Minister clarified the financial implications of changes to business property relief, discussing how taxes would be extracted from businesses to cover inheritance liabilities. He agreed to discuss these details further with the Member.

The member questioned the impact of increasing tax rates on online gaming and betting, particularly in regions like Stoke-on-Trent where gambling companies provide significant employment. He requested further discussions to mitigate negative impacts.

The Minister was commended for addressing the loan charge issue affecting IT consultants and others who felt misled by tax avoidance schemes. The Member thanked him for efforts to close down promoters of such schemes and help affected individuals settle their affairs.

Criticises the Government's economic policy, highlighting negative impacts on growth, increased taxes on working people, reduction of incentives to work and invest, attack on savers, and unfair inheritance tax changes. Also mentions the Bill freezing income tax thresholds which will drag more people into higher rates of taxation.

Mentions the gravediggers in Hamlet as a metaphor for what the last Conservative Government did to the British economy, implying that current policies are continuing this trend.

Supports the criticism of the farm tax, arguing it will have a chilling effect on agricultural investment and is an underestimate by the Government. He emphasises the need for lower taxes to enable business success.

Raises concerns about the accuracy of the Minister's figures regarding farm impacts, suggesting a higher percentage of farms will be hit by the inheritance tax bill. She criticises the Government for not understanding the value of small farms.

She highlighted the importance of farming to national security and raised concerns about sustainability due to current policies that are harmful to farmers.

He discussed the frustration among farmers regarding the family farm tax's impact on their business viability. He also mentioned the shadow Chancellor meeting with these farmers to understand their concerns.

Emphasised that the attack on investment extends beyond agriculture, affecting all family businesses and described it as 'bonkers'.

He expressed concern about the lack of business understanding among Government Front Bench members and highlighted the differences in economic principles between parties.

Argued against false equivalency made by ministers regarding tax treatment for transferring family farms versus other inheritances.

Questioned the impact of inflation, corporation tax changes, and interest rates on small family businesses. She noted her personal experience with a small family business.

Suggested that non-dom status changes could damage investment and growth, and highlighted the reliance of Government forecasts on high net worth individuals remaining in the UK.

Supported the Government's strategy for economic growth through investment and reform, praising measures aimed at scaling businesses and enabling global competitiveness. He highlighted specific clauses of the Bill that encourage ambition, attract talent, and reward risk.

Cooper criticised the Finance Bill, stating that it represents short-term Treasury tax grabs with no care for consequences or vision for the future. She highlighted issues such as the freeze on income tax thresholds dragging millions of low-paid workers into tax and the failure to reform business rates system, which she described as continuity Conservatives policies.

Milne questioned whether the Prime Minister would follow his instincts and abandon the family farm tax changes after previously stating that losing a farm is not like losing any other business, indicating dissatisfaction with government policy on this issue.

Morello pointed out that 30% of family farms made no profit last year, making the inheritance tax changes impractical and likely to cause farmers to sell land to pay bills. This is expected to feed into a market sought by private equity companies.

Gilmour agreed that the measures were anti-growth, citing analysis by Family Business UK suggesting a net fiscal loss of £1.9 billion by the end of the decade due to behavioural responses to changes in inheritance tax.

Savage highlighted the difficulties faced by pub landlords due to increased business rates and recruitment issues since Brexit, emphasising how these policies undermine growth and community cohesion.

The Government cannot hide behind semantics; the business rates bills show that rates are higher despite earlier claims of lower rates. Analysis suggests Harrods will see a £1.1 million drop while small independent pubs face massive increases. The system of transitional relief is an admission of getting it wrong. Hospitality businesses warn about impending doom, contradicting the visitor economy strategy. I call on Ministers to use their power to reduce the multiplier by 20p and make an emergency VAT cut for hospitality businesses.

Despite my Labour roots, I support parts of the Bill but will not back agricultural inheritance tax proposals. The Government needs to set a Budget with measures benefiting Cumbria. However, Ministers must recognise the deep discomfort this proposal causes across rural Britain and change course.

Too often we look at farming inheritance tax issues in a structural way without considering specifics. Over half of farmers make 1% or less profit annually, making it impossible for them to pay a 20% tax. The Government’s proposed initiative is insufficient as many farmers do not have the profits to cover this tax. This policy may drive small family farms out and benefit large trust-based businesses instead. Farmers invest profits back into their farms, unlike other business sectors.

Farmers in my rural constituency are up in arms over billionaire companies taking small family farms out of the system and building empires. When small family farms make a profit, they reinvest it into their farm to sustain operations.

Concerned about this being a spreadsheet Budget focused on hitting fat cats rather than supporting community-rooted businesses. Family-owned and community-based businesses spend profits locally, support local organisations, employ locally and invest in the business overall, making this policy devastating.

Small businesses in her constituency are an important part of the local community, providing employment and supporting local charitable organisations. The Budget provides a foundation for these businesses to grow through laws, police enforcement, courts, transport infrastructure, and public services. She acknowledges concerns about the squeeze on the middle class and working class but argues that the Budget balances taxes with services, benefits with responsibilities, and immediate needs with future investments.

The hon. Member highlights the concern over the economic squeeze felt by the middle class and working class in his constituency, suggesting that they are bearing the brunt of these changes.

He supports the Government's growth mission but criticises the impact of removing agricultural property relief on rural communities. Over 49% of farm businesses have paused or cancelled planned investment, while 10% have downsized their operations. He argues that changes to APR will diminish food security and trap farmers into new tax rules unless they die before next April.

He questions the fairness of the anti-forestalling clause in the Bill, noting that a single farmer with 200 acres would have to pay 136% of their yearly profits to cover this tax bill.

Highlights discrepancies between tax revenue raised (£500 million) and spending on digital ID (£1.8 billion), and Chagos deal (£47 billion). Criticises government's choices in funding allocation.

Defends government investment in healthcare, infrastructure, and new nuclear power stations as crucial for economic growth. Reiterates the need for Opposition to present credible alternatives. Criticises Reform's proposals for damaging investor confidence.

Questions government decisions affecting hospitality sector, pointing out job losses since Chancellor took office. Emphasises the need for credible alternative proposals from the Opposition.

Requests to speak on John Grady's point about lack of credible alternatives, but no position content provided in given text.

Questions the impact of SNP government on child poverty rates and accuses Conservatives of contempt towards constituents. Points out that Scotland is unique in reducing child poverty rates under the SNP governance.

Highlights concerns from small businesses and farmers regarding proposed changes to agricultural property relief and business property relief. Cites statistics showing impact on investment, job loss, and GVA reduction in his constituency.

The Chancellor's proposed hike in alcohol duty is yet another blow to pubs and breweries. The Three Hills pub in Bartlow has faced a 123% increase in its rateable value due to business rates valuation changes, leading to significant financial distress.

The Finance Bill extends the Libraries for Primaries scheme to secondary schools and lifts the two-child benefit cap, helping 1,850 children in Scarborough and Whitby out of poverty. The extension will also support free school meals and provide £1,400 per secondary school for library books.

The SNP opposes the Finance Bill due to its failure to deliver on investment in public services, jobs, industry, and real action on energy bills. The increase in funding for Scotland does not cover half of the Scottish Government’s exposure to national insurance increases.

Defends Labour MPs representing rural areas, paying tribute to those who spoke against the Agricultural Property Relief measure. He acknowledges but does not directly link it to electric vehicle tax changes.

Reiterates his point about the unfair impact of the proposed changes, emphasising that people in rural areas will be adversely affected by the 3p per mile charge for electric vehicles.

Defends the recent Budget as necessary to ensure fiscal stability and growth. He argues it is aimed at working families rather than millionaires, and highlights measures such as increased pension contributions tax relief for higher earners.

Critiques the proposed changes, arguing that those on basic income tax will bear a larger burden. He expresses concern over impacts on farmers and family farming businesses due to inheritance tax thresholds.

Supports Robbie Moore's critique, emphasising the detrimental impact of changes on South Shropshire’s farming community.

Refers to Shakespeare's quote about the abuse of greatness when it disjoins remorse from power, highlighting the callousness of the Government's policy towards farmers.

Cites an example of Will Harris, a North Cornwall farmer who gave up his engineering job to farm but faces £500,000 in inheritance tax if something happens to him, which is almost double the farm's income.

Acknowledges Robbie Moore’s expertise and farming background in Lincolnshire. Emphasises that every single farming business will be affected by the £1 million threshold, impacting all types of farms regardless of location.

Critiques Government waste and argues that before breaking up family businesses through IHT changes, they should focus on improving their own housekeeping and reducing state expenditure.

Welsh upland farmers are struggling economically and culturally. The proposed tax changes will force family farms to sell land or assets due to higher liabilities, accelerating consolidation and driving young people out of rural Wales. This policy undermines food security, local supply chains, Welsh culture, and the Welsh language. Family farming is critical for a prosperous rural economy in Wales.

The proposed tax changes are described as 'cruel' death taxes on family farms. The Government has lost the argument and needs to face up to it. Northern Ireland businesses will not have the same advantages under enterprise investment schemes, venture capital projects, and enterprise management incentives due to EU state aid rules imposed by the Windsor framework.

Agrees with Jim Allister that clauses 13 to 15 of the Finance Bill discriminate against Northern Ireland businesses, removing a level playing field for competitiveness within the UK internal market.

The sudden application of changes to agricultural property relief was deeply unfair. Not all farms will be impacted, but costly legal advice may have been necessary. The spousal transfer allowance change is welcome, but the anti-forestalling clause is seen as potentially disastrous for national food security.

Supports Seamus Logan's view that agriculture forms a larger part of Wales and Scotland economies than England, making it particularly objectionable that the Government did not consult devolved Governments on this legislation.

The hon. Member defended the UK-US trade deal, stating it was one of the best deals any country could negotiate. He questioned what kind of deal an independent Scottish Government would secure with the US and challenged the desire for Scottish independence.

The hon. Member highlighted the positive economic impact in his constituency while criticising aspects of the Finance Bill, such as increasing business rates and duty on cider producers. He called for a reduction in electricity bills and VAT cut funded by a windfall tax on bank profits.

Asks the Minister to take message back to Chancellor to scrap the family farm tax. Acknowledges strength of feeling on inheritance tax and cost pressures on farmers.

Points out that unemployment has gone up since Labour came to power; challenges Minister's claim about employment rising in every single year of the forecast.

Agrees with the need for careful management of public finances leading to record investment in defence and Scottish economy, creating well-paid jobs in Glasgow.

Questions why Northern Ireland is not getting the same uplift as rest of UK under clauses 13-15 due to EU state aid rules.

The Finance Bill helps restore public services by putting libraries in primary schools and protecting NHS budgets. It invests an extra £300 million in NHS technology, rolls out 250 new neighbourhood health centres, and continues to get waiting lists under control.

The Finance Bill helps restore public services by investing an extra £300 million in NHS technology, rolling out 250 new neighbourhood health centres, and continuing to control waiting lists.

Questioned whether points of order raised since the parliamentary session began have been deemed valid points of order. Requested guidance on what constitutes a point of order from Madam Deputy Speaker.