Overseas Development Assistance

Debate between Lord Agnew of Oulton and Lord Collins of Highbury

Wednesday 14th July 2021 Lords Chamber

[Lord Agnew of Oulton (Con)]

I respectfully disagree with the right reverend Prelate on that assertion. We will absolutely be prioritising the budget for the programmes of the most urgency and impact, so I do not accept that. I also point out to him that we have made considerable investments during the Covid crisis by helping other countries through our large investment in COVAX and, indeed, the Prime Minister’s commitment at the G7 to make a large number of vaccines available outside this ceiling of 0.5%.

[Lord Collins of Highbury (Lab)]

My Lords, this decision goes against a long-standing consensus across Parliament. It is against the Conservative Party’s manifesto and against the law and, most importantly, it is against the national interest. As a direct result of these cuts, more people will be forced to flee their homes and more people will turn to extremism in a less secure and stable world. To pick up the point the noble Lord, Lord Bates, made, we have been told in this House that officials carried out an equalities impact assessment which looked at our bilateral country spending. Can the Minister give us a guarantee this afternoon that this will be made public, and quickly?

[Lord Agnew of Oulton (Con)]

My Lords, it is important to remind the House that we have done this in the largest crisis to affect our country since the war and the largest recession in 300 years, with borrowing of £300 billion—14% of GDP—to deal with the crisis. It means that there has had to be some give in the system. We are committed to re-establishing it as soon as the economy allows it, and I am sure that the information the noble Lord asked for will be available soon.

Global Minimum Corporate Tax Rate

Debate between Lord Agnew of Oulton and Lord Collins of Highbury

Wednesday 14th April 2021 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, we did not plan to increase corporation tax in the way we have had to do in the last few months. It is only as a result of the appalling crisis we have suffered through Covid and having to address the financial impact of that. I agree with my noble friend that lower corporation tax rates are broadly a good thing. Personally, I do not like to see tax on productive activity, employment or any of the things that make a country prosperous. Therefore, I support his comments that we should always aspire to lower tax rates, particularly on corporation tax. We will try to set it still at a competitive rate, so the US, Canada, Korea, Japan and Germany will all have higher rates than the one to which we are moving.

[Lord Collins of Highbury (Lab)]

My Lords, the UN high-level panel published its final report on the impact of financial integrity on sustainable development. The panel called for a UN tax convention and a UN body for international tax rules. The report also includes proposals for the automatic exchange of information, beneficial ownership transparency and country-by-country reporting. Do the Government support the high-level panel’s conclusions, and will we address this issue at the G7?

[Lord Agnew of Oulton (Con)]

My Lords, the Government do support increased transparency, and we have done a great deal over the last five years to improve on that, but I accept there is more to do.