Finance (No. 2) Bill (First sitting)

Ashley Dalton Excerpts

Committee stage
Tuesday 16th May 2023 Public Bill Committees

[Victoria Atkins]

The shadow Minister asked that question. We respect the work of the OBR, and of course we understand that it is an independent forecaster. However, as I said, we have never shied away from the fact that this a difficult set of circumstances. I know it is not for the hon. Lady to set tax policy on behalf of her Front-Bench team, but my hon. Friend the Member for Aylesbury posed an interesting question: what is Labour’s alternative? Outside observers may wish to take that into account.

We believe in sound money, and the rate of debt interest that we are paying each year—some £120 billion—is money that we would much rather spend on our NHS, police and defence. However, precisely because of our extraordinary efforts to protect our constituents throughout the pandemic, to help Ukraine and to provide support through the cost of living crisis that has emerged from that, we are having to take these difficult decisions in a fiscally responsible way.

[Ashley Dalton (West Lancashire) (Lab)]

It is a pleasure to serve under your chairmanship, Ms McVey. This is my first Public Bill Committee, so I am definitely the baby in the room. There is just one thing I would like the Minister to clarify. When she was responding to the point raised by my hon. Friend the Member for Wallasey about the OBR projections, she said very clearly that she respected and understood them. However, does she agree with them?

[Victoria Atkins]

The hon. Lady will know that I have just answered her shadow Minister’s question on that. I will quote the Chancellor:

“I respect the OBR’s figures. The OBR is an independent forecaster”—

the hon. Lady must use the correct terminology—

“it is their job to make a forecast.”

However, I do observe that forecasts can change, which is why these variables are so important.

Question put and agreed to.

Clause 1 accordingly ordered to stand part of the Bill.

Clauses 2 to 4 ordered to stand part of the Bill.

Clause 16

CSOP schemes: share value limit and share class

Question proposed, That the clause stand part of the Bill.