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Finance Bill - Various clauses supporting British business and simplifying tax system
13 December 2023
Lead MP
Nigel Huddleston
Debate Type
Bill Debate
Tags
EconomyTaxationBusiness & Trade
Other Contributors: 17
At a Glance
Nigel Huddleston raised concerns about finance bill - various clauses supporting british business and simplifying tax system 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 Finance Bill supports British businesses by incentivising investment, cutting taxes, improving the tax system's efficiency and fairness, and backing innovative growth. The Bill includes measures such as permanent full expensing for business investments, merging R&D expenditure credit schemes to simplify support for SMEs, extending sunset clauses for enterprise investment and venture capital trusts, and reforming creative industry tax reliefs. It also aims at removing barriers to employment and simplifying the tax system by expanding the cash basis for small traders.
Andy Carter
Lab
Warrington South
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.
Barbara Keeley
Lab
Worsley and Eccles South
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.
James Murray
Lab Co-op
Ealing North
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.
Barbara Keeley
Lab Co-op
Worsley and Eccles South
[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.
Andy Carter
Lab Co-op
Gedling
[INTERVENTION]: Questions whether Labour's borrowing plans will lead to soaring debt and a breach of their fiscal rules, despite supporting the Bill today.
Harriett Baldwin
Con
West Worcestershire
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.
Barbara Keeley
Lab
Worsley and Eccles South
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.
Debbie Abrahams
Lab
Oldham East and Saddleworth
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.
Drew Hendry
SNP
Inverness Nairn Highland
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.
Nigel Mills
Con
Eastleigh
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.
Sarah Olney
Lib Dem
Richmond Park
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.
Nigel Evans
15:00:00
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.
Gavin Williamson
Con
Stone, Great Wyrley and Penkridge
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.
Robert Syms
Con
Esher and Walton
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.
Nigel Evans
Ind
Redditch
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.
David Simmonds
Con
Ruislip, Northwood and Pinner
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.
Tulip Siddiq
Lab
Hampstead and Highgate
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.
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