(1 day, 13 hours ago)
Lords ChamberI agree 100% with my noble friend. I have not had the opportunity to read that article yet, but I absolutely will on his recommendation. He is right that the strength of those relationships is vital. As the Chancellor said in her recent Mansion House speech, we
“will always do what is in our national interest for our economy, for our businesses and for the British people”.
As she also said, the European Union is by far our biggest trading partner.
My Lords, it is very good to hear from the Minister about maybe pivoting to a closer relationship with the European Union. What does he think the new Administration in the United States should take from that inference, given the prospective trade and tariff war with that country?
In the recent Mansion House speech, the Chancellor said that we will always stand up for
“free and open trade, especially with our most economically important partners. That includes the United States”,
obviously—it is one of our most important destinations for financial services trade, for example—and that there is great
“potential for us to deepen our economic relationship on areas such as emerging technologies”.
(8 months ago)
Lords ChamberI am incredibly happy to do that. Of the self-assessment tax returns that were submitted on time, 97% were done online, so just 3% were not. HMRC has an entire focus on the 120,000 people who are vulnerable or digitally excluded. It is those people whom HMRC wishes to target its resources on. Some 3 million calls were received last year, which took 500 full-time equivalents an entire year to answer. Those calls were people phoning up to ask how to change their password, how to get their tax code, or what their national insurance number was. That can be done online. Those who can access the online services really must do.
My Lords, I pay tribute to my noble friend Lord Cormack. What a privilege it was, along with others from your Lordships’ House and the other place, to be at his funeral yesterday in Lincoln Cathedral.
Is my noble friend the Minister satisfied and content with the advice given by the current board of HMRC? I declare my interest of having worked on a private sector board with a current member of the HMRC board.
The HMRC board as currently constituted is advisory. I know that my colleague the Financial Secretary to the Treasury is taking a keen interest in the strategy and its operationalisation within the HMRC. I expect that we will see some improvement shortly.
(1 year, 4 months ago)
Lords ChamberI absolutely agree with the noble Lord that the UK income tax system is more competitive than the Scottish system and that we deliver better value for money.
My Lords, yesterday the Competition and Markets Authority showed that consumers were charged 6p a litre more than wholesale prices justified. Obviously, those excess profits will be taxed. Do the Government think they should be taxed at more than the current rate?
My Lords, we have been clear that we will take the findings of the CMA very seriously and put in place a system to ensure that we do not see future excess profits in a similar way.