← Back to House of Commons Debates
Finance (No. 2) Bill
17 April 2024
Lead MP
Nigel Huddleston
Debate Type
Bill Debate
Tags
Crime & Law EnforcementEconomyTaxationHousingEmploymentCulture, Media & SportBenefits & WelfareChildren & Families
Other Contributors: 26
At a Glance
Nigel Huddleston raised concerns about finance (no. 2) bill in the House of Commons. Other MPs contributed to the debate.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
The Minister of State at the Treasury, Nigel Huddleston, moved that the Finance (No. 2) Bill be now read a Second time. He highlighted improvements in inflation rates, real wage growth, national insurance cuts for employees and self-employed individuals, and outlined several key measures within the bill, including increasing child benefit thresholds, boosting creative industries through tax reliefs, supporting UK independent films with new tax credits, cutting higher rate capital gains tax on residential property, abolishing multiple dwellings relief to address abuse of stamp duty, ensuring fair treatment for victims of domestic abuse when buying homes, and simplifying the VAT system. The Minister emphasised that these measures reward work, support vital industries, boost housing market activity, and create a modern tax system.
Desmond Swayne
Con
New Forest West
Asked the Minister to consider an amendment in Committee to allow those affected by the loan charge access to a tribunal.
Jim Shannon
DUP
Strangford
Acknowledged the drop in inflation and expressed concern about farmers' weather pressure affecting food prices, questioning how they can help keep food costs down to maintain the reduction in inflation.
Sammy Wilson
DUP
East Antrim
Acknowledged the importance of child benefit changes but highlighted that thresholds not being raised was having a huge disincentive effect on working families.
Richard Fuller
Con
North Bedfordshire
Asked about HMRC's readiness to implement the proposed household budget-based administration of HICBC from 2025-26 as outlined in the Chancellor’s announcements.
Inquired about the level of household income HMRC has in mind for future consultations regarding changes to HICBC.
Expressed concern over the Bill's failure to bring in tax measures ensuring continuation of oil and gas activity in Scotland, questioning the UK Government’s spending priorities and its impact on Scottish jobs and investment.
Luke Evans
Con
Hinckley and Bosworth
Asked about retrospective application of the capital gains tax cut and whether it would benefit those owing CGT, hypothetically including Labour Front Benchers.
Sammy Wilson
DUP
East Antrim
Highlighted the need for higher thresholds to avoid disincentivising working families and encouraged the Minister to acknowledge the higher tax levels under the current Government compared to historical averages.
James Murray
Lab Co-op
Ealing North
Critiques the Finance Bill for its high tax burden and lack of economic stability. Points out that despite a reduction in national insurance, taxes will still rise significantly, leaving families worse off by £870 annually by 2028-29. Highlights a loophole allowing non-doms to stash money in offshore trusts to avoid inheritance tax. Criticises the unfunded commitment of £46 billion to abolish National Insurance and raises concerns about potential cuts to NHS or state pension.
Richard Fuller
Con
North Bedfordshire
Intervenes to question the Labour party's ability to fund its green investment with taxes, suggesting that their proposals lack clarity and are aspirational rather than committed policy.
Nigel Huddleston
Con
Droitwich and Evesham
Challenges the accuracy of James Murray's statements about potential impacts on pensions and NHS, arguing that national insurance does not wholly fund these services and that general taxation is involved.
Luke Evans
Con
Hinckley and Bosworth
Questions whether the Labour party would adhere to its pledge of economic justice if elected, pointing out the potential for increased tax burden on top earners.
Mary Glindon
Lab
Newcastle upon Tyne East and Wallsend
Supports a domestic oil and gas sector to ensure energy security, economic benefits, and investment for transition. Highlights the historical importance of North Sea resources in powering Britain's economy.
Richard Fuller
Con
North Bedfordshire
Supports the Finance Bill, raises concerns about HMRC’s loan charge policy and calls for its reconsideration. Expresses disappointment in the lack of contaminated blood compensation included in the Budget and questions whether quantitative easing policies are being treated appropriately by the Treasury. Criticises Labour's approach to tax rises and economic growth, arguing that their proposals lack realism. Proposes changes to income tax rates and national insurance contributions to simplify taxation for working people and suggests reforms to pension savings schemes.
Sammy Wilson
DUP
East Antrim
Intervened, stating that the loan charge policy has failed to bring in expected revenue and led to suicides due to pressure from HMRC.
James Murray
Lab Co-op
Ealing North
Responded to Richard Fuller, disagreeing with low growth under the current Government, wasted funds in covid fraud, and high tax burdens. Also asked whether the Conservative MP would support a proposal for a covid corruption commissioner.
Alison Thewliss
SNP
Glasgow Central
Intervened to highlight the severe health and wellbeing impacts of fuel poverty in Dalmarnock, noting that residents cannot afford basic necessities like heating their homes or inviting family over. Emphasised the need for urgent government action.
Gavin Newlands
SNP
Paisley and Renfrewshire North
Intervened to support the call for VAT-free shopping at airports, citing its importance for Glasgow Airport in his constituency. Highlighted the SNP's commitment to working for the people of Scotland.
Nigel Mills
Con
East Worthing and Shoreham
Mr. Mills is concerned that reintroducing tax-free shopping would primarily benefit wealthy tourists purchasing luxury items, rather than supporting broader economic needs. He argues against reducing VAT for the tourism sector as it disproportionately benefits London hotels with high occupancy rates and nightly costs at the expense of other regions. Mr. Mills also criticises the lack of a starter rate for income tax and questions the proposed household calculation for the high-income child benefit charge, suggesting an automatic inflation increase would be simpler and fairer.
Drew Hendry
SNP
Inverness East, Nairn, Badenoch and Strathspey
[INTERVENTION] Mr. Hendry responds to Mr. Mills' concerns by highlighting that tax-free shopping for tourists is beneficial for tourism organisations as it helps them cope with increased costs and encourages people to use their facilities.
Karen Bradley
Con
Staffordshire Moorlands
[INTERVENTION] Ms. Bradley raises concerns about families who have stopped claiming child benefit due to uncertainty and are now entitled under new rules, questioning how they can ensure access to full benefits.
Sarah Olney
Lib Dem
Richmond Park
The Liberal Democrats oppose the Bill, arguing it fails to address economic issues and lacks real support for public services. They criticise tax freezes, NHS underfunding, lack of windfall taxes, and no strategy for economic growth.
Supports clauses 16 and 17, which increase tax relief for theatre productions and orchestral companies. Emphasises the importance of these changes to the west end economy and the performing arts sector's impact on jobs and businesses.
Peter Aldous
Con
Waveney
Aldous raises significant concerns over short-term fiscal policies affecting long-term investor confidence. He mentions that £200 billion of investment may be delayed or diverted due to recent changes and highlights a risk of losing 42,000 jobs and wiping out £26 billion-worth of economic activity if the windfall tax is extended as proposed by the Opposition. He emphasises the importance of restoring dialogue between Government and industry for ongoing energy transition.
Tulip Siddiq
Lab
Hampstead and Highgate
Critiques the Government’s tax policy as increasing taxes on working people without addressing economic failure. Points out unfunded plans to abolish national insurance and predicts 3.2 million new taxpayers by 2028 due to frozen thresholds. Welcomes adoption of non-dom scrapping but criticises loopholes such as offshore trusts for inheritance tax avoidance.
Gareth Davies
Con
Grantham and Bourne
Mr. Gareth Davies supports the Finance Bill, arguing it rewards hard-working people by increasing their take-home pay. He highlights key provisions such as supporting parents through tax relief, encouraging investment in creative industries, providing certainty for investors in oil and gas sectors, and promoting auto-enrolment pension savings. He also rebuts Labour's criticisms by pointing out inconsistencies and negative impacts of current Labour policies in local authorities.
▸
Assessment & feedback
Summary accuracy
About House of Commons Debates
House of Commons debates take place in the main chamber of the House of Commons. These debates cover a wide range of topics including government policy, legislation, and current affairs. MPs from all parties can participate, question ministers, and hold the government accountable for its decisions.