Aaron Bell
Main Page: Aaron Bell (Conservative - Newcastle-under-Lyme)Department Debates - View all Aaron Bell's debates with the HM Treasury
(2 years, 2 months ago)
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Kwasi Kwarteng
As I said, the core principle of the investment zones is consent; they will not be imposed on people. Actually, there have been successes with the enterprise zones—I look at places such as Canary Wharf—and I think that the investment zones will also be successful and we will look back fondly.
Aaron Bell (Newcastle-under-Lyme) (Con)
I welcome my right hon. Friend’s statement, but more than that, I welcome the clarity of his philosophy. We cannot tax our way to prosperity; we need economic growth. I also welcome the principle that my constituents will get to keep more of their hard-earned money, both through the national insurance cancellation and income tax. Will he explain how much better off a typical £30,000-a-year earner will be because of the measures that he has set out?
Kwasi Kwarteng
They will be hundreds of pounds better off. The 1p rate provides a £330 benefit. The energy intervention provides roughly £1,200 a household. People all across our society will benefit from the approach that we are adopting. As my hon. Friend reminded the House, and as the socialists have never understood, we cannot tax our way to prosperity.