Finance Bill (Second sitting)

Angus MacDonald Excerpts

Committee stage
Tuesday 28th January 2025 Public Bill Committees

[James Murray]

The shadow Minister alleges that there is some discrepancy on this side of the Committee; I feel like there is some discrepancy within his own views. I return to the central point that he seemed to begin by saying that he welcomed our measures—that he supports them and understands why tough decisions have to be taken—but then seemed to explain why he did not support them.

The shadow Minister asked why we decided to extend the threshold freeze for inheritance tax while not, for instance, increasing income tax rates; that is a political choice. It is a difficult choice, but it is a political choice. As a Government we have made the choice to make sure that we do not raise income tax. We went into the election saying that we would not raise taxes on working people, and we have kept that pledge through our policies on income tax, employee national insurance and the rate of VAT. We made those commitments and we are honouring them.

[Mr Angus MacDonald (Inverness, Skye and West Ross-shire) (LD)]

Will the Minister consider the fact that the increase in national insurance has harmed many companies that have really struggled? An increase in the top rate of income tax or capital gains tax would at least have hit organisations that are making proper profits and proper money.

[The Chair]

The debate is only in the context of the clause. If the Minister feels he can find a context, he can respond.