The Chief Secretary to the Treasury (Mr Simon Clarke)
They are worth £76 billion.
Felicity Buchan
I believe that is 11% of our total tax take. This is an issue not just for London but for Edinburgh, Glasgow, Newcastle, Leeds, Bristol and Chelmsford. Financial services are critical, so let us not talk them down, as that would be equivalent to California talking down the film industry. Financial services are a huge source of our exports.
Finally, I welcome the £7 billion-worth of measures on business rates. These are short-term measures. I welcome them but, as my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake) has just said, we need a longer-term solution. I would like to work with my Front-Bench colleagues on finding that solution.
One small technicality: the 50% discount for hospitality will be capped at £110,000. I represent a central London constituency with a lot of retail and hospitality. Central London has suffered about the most in the country, but many of my businesses will get very little help on a percentage basis. I would appreciate a conversation on that point.
This is a very strong Budget. The economy is faring well. We have alluded to some risks, but we can all get behind this Budget, which is good for the country and good for Kensington.