All 1 Debates between Lord Mackinlay of Richborough and Lord Hammond of Runnymede

Oral Answers to Questions

Debate between Lord Mackinlay of Richborough and Lord Hammond of Runnymede
Tuesday 19th July 2016

(8 years, 5 months ago)

Commons Chamber
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Lord Hammond of Runnymede Portrait Mr Hammond
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We have already had this question from the shadow Chancellor. Of course, we have introduced the national living wage, which will make a difference to people on low earnings at the bottom of the income scale. Interestingly, the hon. Lady perhaps hints at something else—questions of inter-generational fairness. The Prime Minister signalled early on in her tenure of office that that is one of the areas that she wishes to address.

Lord Mackinlay of Richborough Portrait Craig Mackinlay (South Thanet) (Con)
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I congratulate my right hon. Friends and indeed the entire new Treasury team.

With some softening of the market in house sales, will my right hon. Friend commit to looking at the data and consider whether the 3% additional stamp duty on second property purchases is necessary, desirable or indeed raises any additional revenue at all?

Lord Hammond of Runnymede Portrait Mr Hammond
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I can certainly commit to looking at the data, and I can tell my hon. Friend that my approach to taxation is that it is there for a simple purpose: to raise revenue for the Exchequer. I expect the taxes we put in place to achieve that.