Prime Minister's Update
Debate between John McDonnell and Anna Soubry(5 years, 2 months ago)
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Mr Speaker
If the points of order, consistent with the earlier approach, arise specifically from and relate to the matters with which we have just been dealing, I will take them. [Interruption.] Prime Minister, I think it would be a courtesy to stay for the point of order—a point of order that relates to the matter with which we have just been dealing. [Interruption.] Go and sit down. [Interruption.] Well, I asked the Prime Minister if he would be willing to stay, but he does not wish to do so. So be it. The point of order from Mr John McDonnell will be heard.
Economy and Jobs
Debate between John McDonnell and Anna Soubry(7 years, 4 months ago)
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John McDonnell
The argument we heard was that corporation tax cuts would lead to a large-scale increase in business investment in our economy, but business investment fell last year for the first time since 2009. It remains lower than that in the rest of the G7 countries, with the exception of Italy. Corporations are now sitting on more than £580 billion of earned income that they are not investing. Some have been exposed as using that earned income in share buy-outs to boost performance statistics and therefore boost bonuses. That is the product of the corporation tax cuts.
John McDonnell
In due course.
Let us look at how seven years of austerity has contributed to the grotesque and widening levels of growth inequality in the UK. A report last year by Credit Suisse found that the richest 1% of people in the UK now own almost one quarter of the country’s wealth. The Sunday Times rich list told us that the richest 1,000 families in the UK had more than doubled their wealth since the financial crash.
Anna Soubry
Does the right hon. Gentleman agree that, because of Conservative policies, some 4 million people in this country who are at the lower end of the wage scale no longer pay any tax at all? This is the party that reduces taxes for the less well-off.
John McDonnell
It is a party that has used the taxation system to cut corporation tax, capital gains tax, inheritance tax and the bank levy, which has meant a redistribution from the poor to the wealthy.